What is the formula for determining the GDP per capita of a place?(1 point)
Responses
the total wealth of the place divided by the total population
the total wealth of the place divided by the total population
the total population of a place divided by its land area
the total population of a place divided by its land area
the average life span in a place divided by its birth rate
the average life span in a place divided by its birth rate
male population of a place divided by its total population
The correct answer is:
the total wealth of the place divided by the total population
The formula for determining the GDP per capita of a place is the total wealth of the place divided by the total population.
The correct formula for determining the GDP per capita of a place is the total wealth of the place divided by the total population. To calculate this, you need to have the total GDP (Gross Domestic Product) and the total population of the place.
To obtain the total GDP, you will need to consider all the economic activities within the place for a specific time period, typically a year. This includes the value of goods and services produced in that place during that time. GDP can be calculated using different methods such as the production approach, income approach, or expenditure approach.
Once you have the total GDP, you can divide it by the total population of the place. This will give you the GDP per capita, which represents the average wealth per person in that place. It is a useful indicator to compare the economic well-being of different countries or regions.
Note that the other options provided in your question are incorrect. GDP per capita is not calculated by dividing the total population of a place by its land area, the average life span in a place by its birth rate, or the male population of a place by its total population.