Question

RGDP per Person Growth Rate The following table summarizes Bureau of Economic Analysis data on NGDP and RGDP from 2010 – 2016. Data are in billions of dollars. Year NGDP RGDP 2010 14,964.40 14,783.80 2011 15,517.90 15,020.60 2012 16,155.30 15,354.60 2013 16,663.20 15,583.30 2014 17,348.10 15,961.70 2015 17,942.90 16,345.00 The following table summarizes U.S. Census Bureau data on population estimates from 2010 – 2016. 2010 2011 2012 2013 2014 2015 2016 309,348,193 311,663,358 313,998,379 316,204,908 318,563,456 320,896,618 323,127,513 What was the RGDP per person in 2010 and 2011? Round up your answer to a full number (no decimals). On the "short scale," one billion is 1,000 million, or 1 and 9 zeroes (1,000,000,000).

RGDP per person in 2010 was $ ________.

RGDP per person in 2011 was $ ________.

Using the exact formula calculate the annual growth rate of RGDP per person in 2011. Round up your answer to the second decimal. The annual growth rate of RGDP per person in 2011 was ________ percent.

Answer 1

The information on Nominal GDP (NGDP) and Real GDP (RGDP) along with the population estimate provided in the question is:

Year	NGDP (bn $)	RGDP (bn $)	Population
2010	14,964.40	14,783.80	30,93,48,193
2011	15,517.90	15,020.60	31,16,63,358
2012	16,155.30	15,354.60	31,39,98,379
2013	16,663.20	15,583.30	31,62,04,908
2014	17,348.10	15,961.70	31,85,63,456
2015	17,942.90	16,345.00	32,08,96,618
2016			32,31,27,513

The real GDP per person in 2010 = RGDP/Population

=(14783.80 * 1000000000)/309348193

=47790.16 $ per person

The real GDP per person in 2011 = RGDP/Population

=(15020.60*1000000000)/311663358

=48194.95 $ per person

Thus,

RGDP per person in 2010 was $ 47790.16

RGDP per person in 2011 was $ 48194.95

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The annual growth of RGDP per person in 2011 =[ (RGDP per person in 2011 - RGDP per person in 2010)/RGDP per person in 2010]*100%

=[(48194.95 - 47790.16)/47790.16]*100%

=0.85%

The annual growth rate of RGDP per person in 2011 was 0.85 percent