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Which of the following is the best equation for calculating the growth rate in the standard...

Which of the following is the best equation for calculating the growth rate in the standard of living?

Growth Rate of Population = ((Year 2 Population – Year 1 Population)/Year 1 Population) × 100%

Growth Rate of Nominal GDP = ((Year 2 Nominal GDP – Year 1 Nominal GDP)/Year 1 Nominal GDP) × 100%

Growth Rate of Real GDP = ((Year 2 Real GDP – Year 1 Real GDP)/Year 1 Real GDP) × 100%

Growth Rate of Real GDP per Capita = ((Year 2 Real GDP per Capita – Year 1 Real GDP per Capita)/Year 1 Real GDP per Capita) × 100%

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Answer #1

Ans: Growth Rate of Real GDP per Capita = ((Year 2 Real GDP per Capita – Year 1 Real GDP per Capita)/Year 1 Real GDP per Capita) × 100%

Explanation:

The the growth rate in the standard of living can be calculated from the growth rate of real GDP per capita. The formula to calculate the

Growth Rate of Real GDP per Capita = ((Year 2 Real GDP per Capita – Year 1 Real GDP per Capita)/Year 1 Real GDP per Capita) × 100%

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