Question

This Question: 3 pts 3 of 22 (3 complete TE The table provides some data on real GDP and the population of Japan in 2012 and 2013. Calculate the growth rate of real GDP and the growth rate of real GDP per person Calculate the approximate number of years it take for real GDP per person in Japan to double the population growth rate and the real GOP growth rate are maintained at the 2013 levels Year 2012 2013 Real GDP one of yeni 498.8 508.8 Population (min) 127.6 1273 The growth rate of real GDP percent >>> Answer to 2 decimal places The growth rate of real GDP per person in percent >>> Answer to 2 decimal places >> Use the formula that approximates the value the population growth rate and the real GDP growth rate we maintained at the 2013 levels, real GDP per person in Japan wil double in approximately years >>> Answer with a whole number Enter your answer in each of the answer boxes

Answer 1

In year 2012:

Real GDP= 498.8 trillions Yen

Population= 127.6 millions

1 million = 0.000001 triilion

Multiply both sides by 127.6

127.6 million = 0.0001276 trillion

Population (2012)= 0.0001276 trillion

Real GDP per person(2012)= Real GDP / Population= 498.8 trillions / 0.0001276 trillion= 3909090.91 Yen

In year 2013:

Real GDP= 508.8 trillions Yen

Population= 127.3 millions

1 million = 0.000001 triilion

Multiply both sides by 127.3

127.3 million = 0.0001273 trillion

Population (2013)= 0.0001276 trillion

Real GDP per person(2013)= Real GDP / Population= 508.8 trillions / 0.0001273 trillion= 3996857.81 Yen

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Growth Rate of Real GDP= [{Real GDP(2013) - Real GDP(2012)} / Real GDP(2012)] x 100

Growth Rate of Real GDP=0.02005 x 100= 2.01%

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Growth Rate of Real GDP per person= [{Real GDP per person(2013) - Real GDP per person(2012)} / Real GDP per person(2012)] x 100

Growth Rate of Real GDP per person= 0.02245 x 100= 2.25%

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For Doubling rate, use Rule of 70:

Number of years to double = 70/Growth rate of Real GDP per person

Number of years to double the Real GDP per person = 70/2.25= 31.11= 31 years