Question

Suppose an economy's real GDP is $ 30,000 in year 1 and $ 31,200 in year 2. Instructions: In part a enter your answer as a whole number, in part b round your answer to 2 decimal places. a. What is the growth rate of its real GDP? ( in percentage) Assume that population is 100 in year 1 and 102 in year 2. b. What is the growth rate of real GDP per capita? ( in percentage)

Name: suppose an economys real gdp is 30000 in year 1 and 31200 in year 2 instructions in part a enter your answer as a whole number in part b round your answer to 2 decimal places a what is the g 39948
Uploaded: 2022-06-29T02:11:31-08:00
Duration: 3 min 4 s
Channel: Manasvee Singh
Description: suppose an economys real gdp is 30000 in year 1 and 31200 in year 2 instructions in part a enter your answer as a whole number in part b round your answer to 2 decimal places a what is the g 39948

          Suppose an economy's real GDP is $ 30,000 in year 1 and $ 31,200 in year 2. 
Instructions: In part a enter your answer as a whole number, in part b round your answer to 2 decimal places. 
a. What is the growth rate of its real GDP? ( in percentage) 
Assume that population is 100 in year 1 and 102 in year 2. 
b. What is the growth rate of real GDP per capita? ( in percentage)

Added by John S.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Manasvee Singh

06/29/2022

Step 1

Given: Real GDP in year 1 = $30,000 Real GDP in year 2 = $31,200 The growth rate of real GDP can be calculated using the formula: \[ \text{Growth Rate} = \left( \frac{\text{Real GDP in year 2} - \text{Real GDP in year 1}}{\text{Real GDP in year 1}} \right) \times Show more…

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Suppose an economy's real GDP is $ 30,000 in year 1 and $ 31,200 in year 2. Instructions: In part a enter your answer as a whole number, in part b round your answer to 2 decimal places. a. What is the growth rate of its real GDP? ( in percentage) Assume that population is 100 in year 1 and 102 in year 2. b. What is the growth rate of real GDP per capita? ( in percentage)