The following table shows data for a hypothetical economy in 2017 and 2018. Use the table to answer the questions that follow.   2017 2018 Population 800,000 808,000 Number of Hours Worked 2,000,000,000 2,000,000,000 Real GDP $16,000,000,000 $16,644,800,000 Real GDP per Person     Labor Productivity     2. The growth rate of the population between 2017 and 2018 is ?   3.Calculate real GDP per person in 2017 and 2018 and enter the values in the previous table. The growth rate of real GDP per person between 2017 and 2018 is ?

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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The following table shows data for a hypothetical economy in 2017 and 2018.
Use the table to answer the questions that follow.
 
2017
2018
Population 800,000 808,000
Number of Hours Worked 2,000,000,000 2,000,000,000
Real GDP $16,000,000,000 $16,644,800,000
Real GDP per Person
 
 
Labor Productivity
 
 

2. The growth rate of the population between 2017 and 2018 is ?  

3.Calculate real GDP per person in 2017 and 2018 and enter the values in the previous table.

The growth rate of real GDP per person between 2017 and 2018 is ?
 
4.
Assuming that real GDP per person is a good measure of living standards, between 2017 and 2018, living standards    for which of the following reasons?
a.Productivity growth outpaced population growth.
 
b.The number of hours worked remained the same.
 
c.Population growth outpaced productivity growth.
 
 
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