( RTDA+: Rule of 70 and Economic Growth Question Help Real-time data provided by

Question

( RTDA+: Rule of 70 and Economic Growth Question Help Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. For this exercise you will need to enter data from FRED for real GDP (Series ID: GDPC1) The following table gives the U.S. population (illions of persons) in April of 2018 and 2013. Using data from FRED, enter the values for real GDP for the same two periods (shown as 2018-04-01 and 2013-04-01 in FRED). (Enter your responses exactly as they appear in FRED) Month Yr April/2013 Aprilv2018 U.S. Population (billions of persons) 0.317613 Real GDP (billions of chained dollars) 16,403.180 0.329316 18,514.1595 Complete the following table by computing, for each period, the per capita real GOP (Enter your responses rounded to the nearest dollar.) MonthYr April/2013 April2018 Real GDP Per Capita (chained dollars) 51645.2 58221.4 %. Enter youros on" dom a places ded th From April, 2013 to April, 2018, real GDP per capita in reased at an average annual rate of

Explanation / Answer

Consider the given problem here the “real GDP per capital” for “2013” and “2018” are given, => the percentage increase is given by.

=> [(56,221.4-51,645.2)/51,645.2]*100 = 8.86%.

So, here the average annual increase is given by, “8.86/5 = 1.77%”. So, here real GDP per capita increased at an average annual rate of “1.77%”.

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