5. The real GDP per person in Brazil was $828 in 1900 and $15,590 in 2014. What was the average annual growth in real GDP per person? Use logs. Show your work.
5. The real GDP per person in Brazil was $828 in 1900 and $15,590 in 2014. What was the average annual growth in real GDP per person? Use logs. Show your work.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:5. The real GDP per person in Brazil was $828 in 1900 and $15,590 in 2014. What was the
average annual growth in real GDP per person? Use logs. Show your work.
Expert Solution

Step 1
Using log, the annual growth rate of real gdp (RGDP) per capita is given by,
Hence the growth rate was 2.6% approx.
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