Use the data below to find the growth of income per person (over the entire period,...
Use the data below to find the growth of income per person (over the entire period, not an annual basis) between the two years listed.
|
Year |
Real GDP |
Population |
Income per person |
|
1990 |
$ 3,460,000 million |
245 million |
? |
|
2010 |
$ 6,680,000 million |
300 million |
? |
Income per person grew by (in decimal percent, i.e. .32 not 32).=
Homework Answers
Answer
Income per person =real GDP/population
the income per person in 1990=3460000/245=14122.449
the income per person in 2010=6680000/300=22266.6667
Growth =((amount of the year -the amount of last year )/amount of last year)*100
=((22266.6667-14122.449)/14122.449)*100
=57.6685935
the income grew by $57.67%
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Blank #2: $336,800 or $16,840,000 or $17,176,800 or
$34,016,800?
Blank #3: 9, 11, or 36?
Blank #4: 3, 9, or 36?
Blank #5: $11, $21, or $565?
Blank #6: $11, $21, or $1,134?
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