ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP per capita is calculated by dividing the gross domestic product of a country with its population. GDP per capita is a measure of the prosperity of a country. It is used as a metric by economists in order to determine the growth of a nation and compare its productivity with other countries on a global scale.

Detailed explanation-2: -Real GDP Per Capita = Nominal GDP/(1+ Deflator)/Population Where, Nominal GDP/Deflator will be Real GDP.

Detailed explanation-3: -Real GDP divided by Population. This is the “average” output of the economy per person measured in a base year prices. This ratio is often used as a measure of standard of living in comparisons over time of one country, or between different countries when measured in the same currency.

Detailed explanation-4: -GDP per capita is gross domestic product divided by midyear population. GDP at purchaser’s prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

Detailed explanation-5: -GDP per capita. The formula divides the nation’s Gross Domestic Product. Further, if one is looking at just one point in time, then Nominal GDP can be used.