Last year real GDP per person in Olympus was 4,500.The year before it was 4,250.What was the growth rate of real GDP per person?

Question

Quizplus · Accepted Answer

The growth rate of real GDP per person can be calculated using the formula:

Growth rate = ((Current year GDP per person - Previous year GDP per person) / Previous year GDP per person) x 100

Substituting the given values, we get:

Growth rate = ((4,500 - 4,250) / 4,250) x 100
Growth rate = (250 / 4,250) x 100
Growth rate = 5.88 (rounded off to nearest tenth)

So, the growth rate of real GDP per person is 5.9 percent, which is the closest option to our calculation. Therefore, the correct answer is B.

Last Year Real GDP Per Person in Olympus Was 4,500