a tiny island country has a gross domestic product(GDP) of $25 million and a population of 500 citzens. what is its GDP per capita?
To calculate the GDP per capita of the tiny island country, we divide the gross domestic product (GDP) by the population.
GDP per capita = GDP / Population
Given that the GDP is $25 million and the population is 500 citizens:
GDP per capita = $25,000,000 / 500
GDP per capita = $50,000
Therefore, the GDP per capita of the tiny island country is $50,000.