From 2010 to 2011 nation a's real gdp increased from $100 billion to $106 billion and its population
2 answers
Question:
From 2010 to 2011 nation a's real gdp increased from $100 billion to $106 billion and its population grew from 50 million to 51 million. as a result real gdp per capita because it rose than the population. a. increased; faster b. decreased; faster c. increased; more slowly d. decreased; more slowly
Answers
The real GDP per capita increased because it rose faster than the population
As a result, real GDP per capita WILL INCREASE because real GDP rose MORE than the population.
Explanation:
increase in real GDP = $106 - $101 = $5 billion, or 4.95%
population increase = 51 - 50 = 1 million people, or 2%
real GDP per capita 2010 = $101,000 / 50 = $2,020
real GDP per capita 2011 = $106,000 / 51 = $2,078
since the real GDP increased by almost 5%, while the population increased only by 2%, the real GDP per capita will increase by 2.9%
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