Discover! Gross Domestic Product s align9 19 to enoltsollay Gross Domestic Product (GDP) is the market value of all officially recognized final goods and services produced within a country in a year. GDP per capita is the market value of all officially recognized goods and services produced within a country per person. GDP per capita is often considered an indicator of a country's standar of living. The table below has the GDP for several countries in 2012, listed in American dollars. Compute the GDP per capita for each country. GDP Per Capita for Select Countries GDP Population Country GDP per capita (in billions of dollars) (in millions) Australia 1,532 22.0 109 , 636 Canada 1,780 34.9 China 8,227 1,350 Madagascar 9.98 21.9 United States 16,244 314 51. 732 Source: Data taken from http://databank. worldbank.org/data/download/GDP.pdf; Table created by authors. 1) Which country has the highest GDP? Which country has the lowest GDP? 2) Which country has the highest GDP per capita? The lowest GDP per capita? 3) China's GDP is more than 4 times the size of Canada's GDP. Why is China's GDP per capita so much less than Canada's? 4) If China's GDP were proportional to Australia's, what would China's expected GDP be? How does this compare to the actual GDP in China? 5) If Madagascar's GDP were proportional to that of the United States, what would Madagascar's expected GDP be