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In national income accounting, how does gross domestic product (GDP) differ from gross national product (GNP)?
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10. Measuring National Output and Income
Other Measures of Total Production and Total Income
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GDP per capita means that GDP is calculated per:
A
Firm
B
Household
C
Person (resident of the country)
D
Dollar of exports
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Understand that GDP per capita is a measure of the average economic output per person in a country.
Recall that GDP (Gross Domestic Product) represents the total value of all goods and services produced within a country in a given period.
Recognize that 'per capita' means 'per person,' so GDP per capita divides the total GDP by the total population of the country.
Formulate the calculation as: \(\text{GDP per capita} = \frac{\text{Total GDP}}{\text{Total Population}}\).
Conclude that GDP per capita is calculated per person (resident of the country), not per firm, household, or dollar of exports.
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