If a nation's population grows at 2 percent and its real GDP grows at 4 percent, what is the growth rate of real GDP per person?
What will be an ideal response?
The growth rate of real GDP per person equals the growth rate of real GDP minus the population growth rate. Hence, in the question at hand, the real GDP per person growth rate equals 4 percent minus 2 percent, or 2 percent.
Economics
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If the quantity sold of two-liter Coke bottles increases by 10% when price falls by 2%, what is the total change in revenue?
a. Revenue increases by 12% b. Revenue increases by 8% c. Revenue falls by 8% d. Revenue falls by 12%
Economics
Which of the following pairs is the best example of complements?
a. Coffee and tea. b. DVDs and tapes. c. Hiking boots and athletic shoes. d. Tortillas and salsa.
Economics