In 2009, the imaginary nation of Mainland had a population of 6,000 and real GDP

Question

In 2009, the imaginary nation of Mainland had a population of 6,000 and real GDP of 120,000. In 2010 the population was 6,200 and real GDP of 128,960. Over the year in question, real GDP per person in Mainland grew by 2. years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years. In 2009, the imaginary nation of Dorados had a population of 8,000 and real GDP of 3,000,000. year its real GDP grew by about 2.9%. Which of the following sets of growth rates is consistent with this growth in real GDP? a. 2% population growth and 6% real GDP growth b, 6% population growth and 2% real GDP growth c. 4% population growth and 7% real GDP growth d. 7% population growth and 4% real GDP growth 3. During the

Explanation / Answer

2. Option D.

Explaantion: Real GDP per person in 2009 = Real GDP/Population = 120,000/6,000 = 20

Real GDP per person in 2010 = Real GDP/Population = 128,960/6,200 = 20.8

% change in real GDP = (20.8 - 20)/20 * 100 = 0.8/20 * 100 = 0.04 * 100 = 4%

The US economy faced on an average around 4% growth rate in last 100 years.

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