This is all the information given for this question. Question 2.6: Calculate Rea

Question

This is all the information given for this question.

Question 2.6: Calculate Real Per Capita GDP Now suppose there are more goods and services and the economy is now open to trade with other countries. Based on this generated data and since you have already calculated nominal and real GDP you will now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, real GDP, GDP deflator (price level), and real GDP per capita for this simple economy,(Round your answer to two decimal places,) For 2007, calculate the Real Per Capita GDP Check Answer

Explanation / Answer

Real GDP in 2007 = $15626 billion

Population in 2007 = 301.7 million

Calculate the Real Per Capita GDP -

Real Per Capita GDP = Real GDP/Population

Real Per Capita GDP = $15,626 billion/301.7 million = $51,793.17

Thus,

For 2007, the Real Per Capita GDP is $51,793.17

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