The country of Farland has a real GDP of $100,000 and a population of 1,000. The country of Nearville has a real GDP of $10,000 and a population of 100. Which country has the higher real GDP per capita

Neither countries have a higher GDP per capita. It is 100 for both countries

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Nominal GDP is GDP calculated using current year prices while Real GDP is GDP calculated using base year prices. Real GDP has been adjusted for inflation.

GDP per capita is used to measure the standard of living. The higher the GDP per capita, the higher the standard of living

GDP per capita = Real GDP / population

Farland = $100,000 / 1000 = $100

Nearville = $10,000 / 100 = $100

Both countries have the same GDP per capita

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