SOLUTION: Suppose an economy's real GDP is $30,000 in year 1 and 31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. Whar

SOLUTION: Suppose an economy's real GDP is $30,000 in year 1 and 31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. Whar

Algebra.Com

Question 179002: Suppose an economy's real GDP is $30,000 in year 1 and 31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. Whar is the growth rate of GDP per capita?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
GDP growth from year 1 to year 2 is $1200(31200-30000)
:
growth rate is 1200/30000=.04(100)=4% growth
:
growth rate per capita would be 4%/102=.039%
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