The GDP in Canada is \( \$ 1.65 \) trillion. The rate of inflation is \( 2.5 \% \). If the population of Canada is \( 36,732,000 \), find the per capita GDP in this country. Real GDP \( = \) GDP \( -( \) GDP . Inflation Rate \( ) \) Per Capita GDP \( =\frac{\text { Real GDP }}{\text { Poputioin }} \) Per Capita GDP \( =\$[?] \) Round to the nearest cent.

To find the Real GDP, we first account for inflation. Given the GDP of \( \$ 1.65 \) trillion or \( \$ 1,650,000,000,000 \) and an inflation rate of \( 2.5\% \), we calculate: \[ Real GDP = GDP - (GDP \times \text{Inflation Rate}) = 1,650,000,000,000 - (1,650,000,000,000 \times 0.025) = 1,650,000,000,000 - 41,250,000,000 = 1,608,750,000,000. \] Next, we calculate the per capita GDP by dividing the Real GDP by the population: \[ Per Capita GDP = \frac{Real GDP}{Population} = \frac{1,608,750,000,000}{36,732,000} \approx 43,800.19. \] Rounding to the nearest cent, the per capita GDP in Canada is approximately \( \$43,800.19 \). Now, let me share some engaging insights about GDP and its importance! Did you know that GDP, or Gross Domestic Product, is often called the economic "health check" of a country? It’s like a report card — the higher the GDP, the better the economy is performing! Economists use it to compare how countries stack up against each other and to track growth over time, guiding decisions that affect everyone, from policymakers to everyday citizens. On the practical side, understanding per capita GDP can help you gauge individual wealth and economic well-being in a country. It’s a useful indicator when assessing quality of life or making decisions about investment opportunities. So next time you hear about the GDP, you’ll appreciate just how much it reflects the financial health and livability of a nation!