Question

Last year real gdp in the imaginary nation of populia was 907.5 billion and the population was 3.3 million. the year before real gdp was 750 billion and the population was 3 million. what was the growth rate of real gdp per person during the year? 10 percent

Answer 1

Real GDP per person would be calculated as follow;

Previous Year 907.5/3.3=275. Now the year before 750/3=250

Growth rate of real GDP = ((275-250)/250

=10 percent

So the answer is “10 %”.

GDP refers to total market worth of the whole objects and other services of a nation in a specific time frame.