Question

Suppose that in 2013 a country has a population of 1 million and real GDP of $1 billion. In 2014, the population is 1.1 million and the real GDP is $1.1 billion. What is the real GDP per person growth rate

Answer 1

Answer: 0%

Step-by-step explanation:

Real GDP per person in 2013;

= $1,000,000,000/ 1,000,000 people

= $1,000 per person

Real GDP per person in 2014

= $1,100,000,000/1,100,000

= $1,000 per person

Growth rate = 0% as Real GDP per person is the same in 2014 as it was in 2013.