What is the GDP of North Carolina and the closest big city, then find their GDP...
What is the GDP of North Carolina and the closest
big city, then find their GDP and personal income and compare it to
the US average. Next, show what factors contribute to these
economic variables.
Homework Answers
As per US FRED 2016 data, the GDp of North Carolina is close to 518 billion dollars and the next best is New Jersey with 556 billion dollars.
If we compute GDP Per capita for both states it comes to 49000 Dollars for North Carolina while for New Jersey it is 61,000 Dollars.
The US Average is fairly around 57,000 Dollars approximately which is higher than North Carolina and lower than New Jersey.
The rise in Incomes is fairly due to higher educational institutions and job opportunities, better average wage rate, higher connectivity and economic zones, ease of doing businesses.
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