You are given the following information for an economy. Real GDP $700,000 $750,000 2018 2019 Population 1500 1800 From the information calculate the following: • Calculate the real GDP per person for 2018 and 2019 Calculate the economic growth rate from 2018-19 Make sure to show the steps.

You are given the following information for an economy. Real GDP $700,000 $750,000 2018 2019 Population 1500 1800 From the information calculate the following: • Calculate the real GDP per person for 2018 and 2019 Calculate the economic growth rate from 2018-19 Make sure to show the steps.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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Question

You are given the following information for an economy.
Real GDP
$700,000
$750,000
2018
2019
From the information calculate the following:
Calculate the real GDP per person for 2018 and 2019
• Calculate the economic growth rate from 2018-19
Make sure to show the steps.
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