If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:A. $15,000. B. $30,000. C. $50,000. D. $60,000.

Question

Caden Baldwin

Business

12 March, 02:51

If 50 percent of the population in a country is employed and average labor productivity equals $30,000, then real GDP per person equals:A. $15,000. B. $30,000. C. $50,000. D. $60,000.

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Answers (1)

Know the Answer?

Nancy Long · Answer 1

The correct option is A. $15,000

Explanation:

For computing the real GDP per person, the following formula should be used which is shown below

= Average labor productivity * share of population employees

where,

Average labor productivity is $30,000

And, the share of population employees is 50%

Now put these values to the above formula

So, the answer would be equal to

= $30,000 * 50%

= $15,000

Hence, real GDP per person is $15,000

Therefore, the correct option is A. $15,000