A tiny island country has a gross domestic product (GDP) of $25 million and a population of 500 citizens. What is its GDP per capita?(1 point)
Responses
$50,000
$50,000
$25 million
$25 million
$125 million
$125 million
$2,000
To calculate the GDP per capita, we divide the GDP by the population.
GDP per capita = GDP / Population
GDP per capita = $25 million / 500 citizens
GDP per capita = $50,000
Therefore, the correct answer is $50,000.