U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and population for 1961 and 1962
a. What was U.S. real GDP per person in 1961?
b. What was U.S. real GDP per person in 1962?
c. Between 1961 and 1962, how rapidly did U.S. real GDP per person grow?
a. U.S. real GDP per person in 1961 = ($2,432 billion)/(184 million) = $13,217.
b. U.S. real GDP per person in 1962 = ($2,578 billion)/(186 million) = $13,860.
c. The growth rate of real GDP per person equals × 100 = 4.9 percent.
Economics
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