Consider the following data for the country below. Year Population ( Millions) Real GDP ( Trillions of $) 1 400 18 2 480 27 Instructions: Enter your answers as whole numbers. a. What is the growth rate of real GDP from year 1 to year 2? ( in percentage) b. What is the growth rate of real GDP per capita from year 1 to year 2? ( in percentage)

Consider the following data for the country below. Year Population ( Millions) Real GDP ( Trillions of $) 1 400 18 2 480 27 Instructions: Enter your answers as whole numbers. a. What is the growth rate of real GDP from year 1 to year 2? ( in percentage) b. What is the growth rate of real GDP per capita from year 1 to year 2? ( in percentage)

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter20: Growth And Less Developed Countries

Section: Chapter Questions

Problem 19SQ

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Use the data for the country of New Finlandia in the following table to calculate the following: REAL GDP PER CAPITA (2005 PRICES) $41,603 YEAR 2010 2011 2012 42,933 42,416 2013 2014 43,311 43,246 (HINT: Remember from the previous chapter that the average annual growth rate for relatively short periods can be approximated by averaging the growth rates of those years.) a. The percentage increase in real GDP per capita between 2010 and 2014 is %. (Enter your response rounded to two decimal places.) b. The average annual growth rate in real GDP per capita between 2010 and 2014 is %. (Enter your response rounded to two decimal places.)
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