Macroeconomics
Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 23, Problem 9APA
To determine

Estimate the real GDP per person.

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If in 2008 China’s real GDP is growing at 9 percent a year, its population is growing at 1 percent a year, and these growth rates continue, in what year will China’s real GDP per person be twice what it is in 2008?
GDP per capita in the United States was approximately $63,000 in 2020. Use the growth formula (see below) to answer the following questions:  Growth formula: (future value) = (present value) × (1 + r)t present value = this year's GDP per capita future value = GDP per capita in the future r = rate of growth (in decimal form) per year What will GDP per capita be in the year 2025 if it grows each year by 2.5 percent?
Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year and that real GDP per capita of China is $4,000, and its annual growth rate is 7%. How long will it take real GDP per capita of the United States to double?
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