Modern Principles of Economics
Modern Principles of Economics
4th Edition
ISBN: 9781319098728
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
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Chapter 26, Problem 1FT
To determine

The countries with the highest and second highest GDP and GDP per person

Expert Solution & Answer
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Explanation of Solution

Gross domestic product is the money value of all final goods and services produced within the political territory of the country in a financial year. Thus, according to the table of the GDP of the countries, the United States has the highest GDP with $14,447 and the highest GDP per capita. While going for the second nation with the highest GDP, it is China with $10,807 whereas the country with the second highest GDP per person is Canada with the value of $46,569.

Economics Concept Introduction

Concept introduction:

Gross Domestic Product: The gross domestic product is the money value of all the final goods and services produced within the domestic territory of the nation in a financial year.

GDP per person: GDP per person is the total GDP value of the country divided by the total population of the country. It is used to compare the performance of two countries.

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