The following table shows the nominal GDP (in 2015 US dollars) and the populatio

Question

The following table shows the nominal GDP (in 2015 US dollars) and the population of Japan in 2013 and 2014 (source: The World Bank). Based on this information, which of the following statements regarding GDP per capita is correct (Please note that the value of GDP in 2014 is $4,601,461,206,880.10 (the number in the table is missing a zero before the decimal!) 1) The GDP per capita in 2013 was $36,194.41 2) The GDP per capita fell by 6.74% between 2013 and 2014. 3) The fall in the population was enough to offset the fall in the GDP for an overall growth in GDP per capita between 2013 and 2014 4) The GDP per capita fell by 6.31% between 2013 and 2014. YEAR 2013 2014 GDP $4,919,563,108,372.50 $4,601,461,206,88.10 POPULATION 127,338,621 127,131,800

Explanation / Answer

(1) GDP per capita in 2013 = GDP / Population = $4,919,563,108,372.50 / 127,338,621 = $38,633.71

This statement is false.

(2) GDP per capita in 2014 = $4,601,461,206,880.10 / 127,131,800 = $36,194.42

% Change in GDP per capita = ($36,194.42 / $38,633.71) - 1 = 0.9369 - 1 = -0.0631 = 6.31%

This statement is false. As per this calculation, Statement (4) is correct.

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