If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percent Let's do the math and calculate an economy's growth rate.This formula makes it clearthat real GDP per persongrows only if real GDP growsfaster than the population.If the growth rate of thepopulation exceeds thegrowth of real GDP, thenreal GDP per person falls.ResetGrowth rate ofreal GDP per personGrowth rate of population =Growth rateof real GDPGrowth rateof population202 million - 200 million200 million= 1 percent.* 100Growth rate of real GDP per person = 5 percent - 1 percent= 4 percent.

Meaning of Gross Domestic Product (GDP): The term gross domestic product refers to the situation…

If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percent

If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percent

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Let's do the math and calculate an economy's growth rate.
This formula makes it clear
that real GDP per person
grows only if real GDP grows
faster than the population.
If the growth rate of the
population exceeds the
growth of real GDP, then
real GDP per person falls.
Reset
Growth rate of
real GDP per person
Growth rate of population =
Growth rate
of real GDP
Growth rate
of population
202 million - 200 million
200 million
= 1 percent.
* 100
Growth rate of real GDP per person = 5 percent - 1 percent
= 4 percent.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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