Macro ECON2301WP2 S18 uiz Working Quiz 3 is Question 2 pts 1

Macro ECON2301.WP2 S18 uiz: Working Quiz #3 is Question: 2 pts 19 of 20 (20 complete) he following table gives nominal GOP, real GDP, and the population for two years. ind per capita real GDP in each year and fill in the table. (Round your answers to two decimal places) Year Nominal GDP Real GDP Population Per Capita 2010 2011 150 155 5,600 6,160 5757 heg % ard the growth rate of per capita real GDP was% nd your answers to two de wth rate of mal GDP between 2010 and 2011 was R Enter your answer in each of the answer boxes. 3 5 6

Solution

Per capital real GDP = Real GDP in a year/ Population in that year

So, per capita real GDP in 2010 = Rel GDP in 2010/ Population in 2010 = 5333/150 = 35.55

And, per capita real GDP in 2011 = Rel GDP in 2011/ Population in 2011 = 5757/155 = 37.14

The % change in real GDP between 2010 and 2011 is = (5757 - 5333)/5333 * 100 = 424/5333 * 100 = 0.0797 * 100 = 7.97%

The % change in per capita real GDP between 2010 and 2011 is = (37.14 - 35.55)/35.55 * 100 = 1.59/35.55 * 100 = 0.0447 * 100 = 4.47 %