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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of Chapter 19, Problem 9SCQ, The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of million. , example  1 million. The exchange rate is Chapter 19, Problem 9SCQ, The Central African Republic has a GDP of 1,107,689 million CFA francs and a population of million. , example  2 francs per dollar. Calculate the GDP per capital of Central African Republic.

To determine

The Gross Domestic Product (GDP) per capita of Central African Republic.

Explanation

GDP per capita of a country is defined as GDP divided by population size of that country.

The formula for calculating GDP per capita is:

GDPpercapita=GDPPopulationSize

Given Information:

GDP of Central African Republic = 1,107,689 million CFA francs

Population of Central African Republic = 4.862 million

Exchange rate of CFA francs to dollar = 284.681 CFA francs/$

Using the formula above, we calculate the GDP per capita of Central African Republic.

Calculation:

GDPpercapita=1,107,6894.862=227,825

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