Question

In 2010, real GDP in the country of Populia was $907.5 billion and the population was 3.3 million. In 2009, real GDP was $750 billion and the population was 3 million. What was the percentage change in real GDP per person in Populia between 2009 and 2010?

		10 percent
		14 percent
		17 percent
		21 percent

Answer 1

Answer to the question is option a) 10 percent

This is because , real GDP per person in 2009 is $750 billion divided by 3 million which equals $250,000

Similarly , real GDP per person in 2010 is $907.5 billion divided by 3.3 million is $275,000

So percentage change in real GDP per person from 2009 to 2010 is :-

(Real GDP person in 2010 - Real GDP per person in 2009) / Real GDP per person in 2009

That is ,

(275,000 - 250,000)/250,000 which equals 0.1

That is 10 percent.