Modern Principles: Macroeconomics
4th Edition
ISBN: 9781319098773
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
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Question
Chapter 6, Problem 1FT
To determine
The countries with the highest and second highest GDP and GDP per person
Expert Solution & Answer
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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Chapter 6 Solutions
Modern Principles: Macroeconomics
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