growth in real GDP per person. In 2012 it has a population of 8,400. To the...

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Question

Answer 1

Answer #1

It is given that the population of the country is 8,200 and real GDP is 210,500 in the year 2011.

The per capita real GDP can be calculated by the following formula:

Real GDP Per Capita Real GDP = Population

Putting the values:

210,500 Per Capita Real GDP in 2011 = 2 8,200 = 25.671

So, the per capita real GDP in 2011 was 25.671 (approximately).

It is given that the per capita real GDP grew by 5% from 2011 to 2012.

So,

Per Capita Real GDP in 2012 = 25.671 x 1.05 = 26.954

So, the per capita real GDP in the year 2012 is 26.954 (approximately).

It is also given that the population in 2012 is 8,400.

The real GDP can be calculated as follows:

Real GDP = Per Capita Real GDP x Population

So, the real GDP in 2012 is:

Real GDP in 2012 = 26.954 x 8,400 = 226, 415.854

So, the real GDP in 2012 is 226,416 (approximately).

Therefore, the correct answer is 'Option C'.

Answer 2

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