The population and real GDP for the United States is shown in the table below Us

Question

The population and real GDP for the United States is shown in the table below Use it to answer the following questions YEAR 2001 2002 2003 2004 US POPULATION (in millions) 286 289 293 296 Real GDP (2000) (in billions) $9,750 $9,945 $10,243 $10,448 Thereal GDP per capita for 2002 is $ 34412(Round your response to the nearest dollar) The real GDP per capita for 2003 is s 34959 Round your response to the nearest doller) The growth rate of real GDP per capta from 2002 to 2003 isbe ( (Round your response to two decimal places) Check Answer Enter your answer in the answer box and then click Check Answer Clear A All parts showing to search ALIENWAR

Explanation / Answer

Solution:-

Real GDP per capita = Real GDP / Population

2002: $9,945 Billion / 289 million = $9,945,000 Million / 289 Million = $34,412

2003: $10,243 Billion / 293 million = $10,243,000 Million / 293 million = $34,959

Growth rate = ($34,959 / $34,412) - 1 = 1.0159 - 1 = 0.0159 = 1.59%

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