Question

The following table gives some figures from forecasts of real GDP in 2005 dollars) and population completed in mid-2014. 

Real GDP 2018   $18, 121.00 billion

Real GDP 2019   $18,664.63 billion

Population 2018  329.00 million

Population 2019  332.29 million 

The real GDP growth rate between 2018 and 2019 will be (3.00) %. (Round your response to two decimal places.) 

The population growth rate between 2018 and 2019 will be (1) %. (Round your response to two decimal places.) 

Per capita GDP in 2018 is projected to be $ . (Round your response to two decimal places.) 

Per capita GDP in 2019 is projected to be $ (Round your response to two decimal places.) 

Answer 1

Answer:

1) The real GDP growth rate between 2018 and 2019 is as under:

= (Real GDP in year2019 - Real GDP in year2018) / Real GDP in year 2018
= (18,664.63 - 18,121.00) / 18,121.00 * 100
= 3%.

2. The Population growth rate between 2018 and 2019 is as under:

= (Population 2019 - Population 2018) / Population 2018 * 100
= (332.29 - 329.00) / 329 * 100
= 1%.

3. Per Capita real GDP in 2018 is projected to be:

= Real GDP / Population
= (18121 * 10^10) / (329 * 10^7)
= (18121 * 10^3) / 329
= $55079.03.

4. Per Capita real GDP in 2019 is projected to be:

= Real GDP / Population
= (18664.63 * 10^10) / (332.29 * 10^7)
= (18664.63 * 10^3) / 332.29
= $56169.70.