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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If GDP is $400 billion and the country’s population is 100 million, does it follow that each individual in the country has $40,000 worth of goods and services?

To determine

Explain the average worth of goods and services to each individual in the country.

Explanation

If GDP is $400 billion and the population is 100 million, then the individual average worth is $40,000, but in reality it will not happen. It happens, when the economy is equally distributed across the country. Let’s explain this by using the following example,

If X is incurring $15,000 and Y is earning $25,000, then here the average worth is

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