Brazil's real GDP was 1,180 trillion reais in 2013 and 1,202...

Brazil's real GDP was 1,180 trillion reais in 2013 and 1,202 trillion reais in $2014 .$ Brazil's population was 198 million in 2013 and 200 million in $2014 .$ Calculate a. The growth rate of real GDP. b. The growth rate of real GDP per person. c. The approximate number of years it takes for real GDP per person in Brazil to double if the 2014 growth rate of real GDP and the population growth rate are maintained.

Brazil's real GDP was 1,180 trillion reais in 2013 and 1,202 trillion reais in $2014 .$ Brazil's population was 198 million in 2013 and 200 million in
$2014 .$ Calculate
a. The growth rate of real GDP.
b. The growth rate of real GDP per person.
c. The approximate number of years it takes for real GDP per person in Brazil to double if the 2014 growth rate of real GDP and the population growth rate are maintained.

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Key Concepts

Real GDP

Real Gross Domestic Product (GDP) measures the value of all goods and services produced by an economy, adjusted for inflation. This adjustment provides a more accurate reflection of an economy’s size and how it’s growing over time, by removing the effects of price changes.

GDP Growth Rate Calculation

The GDP growth rate is determined by comparing the change in GDP between two periods relative to the initial period's GDP. It is typically expressed as a percentage, which helps in assessing the overall economic performance and detecting trends over time.

GDP Per Capita

GDP per capita divides the total GDP of an economy by its population, providing a metric for the average economic output per person. This measure is useful for comparing the standard of living between different countries or regions, and for tracking economic growth on a per-person basis.

Doubling Time Estimation

Doubling time is an estimate of how long it will take for a given quantity to double in value, assuming a constant growth rate. A common rule of thumb is the 'rule of 70', where the doubling time in years is approximated by dividing 70 by the annual growth rate percentage.

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