The table shows data for changes in nominal GDP, the price level, and population in 2013. Use these data to calculate the approximate economic growth rate, or the annual growth rate, of real GDP per capita. Specify your answer to one decimal place. %A in nominal GDP growth rate: 5.0 %A price level 1.1 %A population 1.5 %
The table shows data for changes in nominal GDP, the price level, and population in 2013. Use these data to calculate the approximate economic growth rate, or the annual growth rate, of real GDP per capita. Specify your answer to one decimal place. %A in nominal GDP growth rate: 5.0 %A price level 1.1 %A population 1.5 %
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 8SQP
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Transcribed Image Text:The table shows data for changes in nominal GDP, the price level, and population in 2013. Use these data to calculate the
approximate economic growth rate, or the annual growth rate, of real GDP per capita. Specify your answer to one
decimal place.
%A in nominal GDP
growth rate:
5.0
%A price level
1.1
%A population
1.5
%
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