Question

Suppose that in year 1, real GDP per capita was $30,000 billion and in year 2, real GDP per capita rose to $34,500 billion. The growth rate of real GDP per capita was

Answer 1

The growth rate of real GDP per capita is 15%.

What is real GDP per capita?

Real GDP is the value of all final goods and services produced by a country in a given year adjusted for inflation. Real GDP per capita is the Real GDP divided by population. It is used to measure the standard of living of the population.

What is the growth rate of real GDP per capita?

[($34500 - $30,000) / $30,000] x 100 = 15%

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