Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 6, Problem 1P
To determine
The annual growth rates of real GDP.
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The question is #1
Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows:
Year
Growth Rate ($)
1
4
2
2
3
4
4
6.
Instructions: Round your answers to 2 decimal places.
a. What was the average of these growth rates in Econoland over these 5 years?
percent
c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average
growth rate?
If real GDP increases from $100 billion to $105 billion, and the population increases from 100 million to 102 million, what is the growth rate of real GDP per person? The growth rate of real GDP per person is ___ percent
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