If real GDP per capita in the United States is $8,000 in 2011,and if real GDP per capita is $12,000 in 2021,what is the average annual percent change in the growth rate of GDP per capita between 2011 and 2021?
A) 3.33%
B) 5%
C) 33%
D) 50%

Question

Quizplus · Accepted Answer

To calculate the average annual percent change in the growth rate of GDP per capita between 2011 and 2021, we can use the formula:
[(Ending value / Beginning value)^(1/number of years)] - 1

Plugging in the values, we get:
[(12,000 / 8,000)^(1/10)] - 1
= 1.05 - 1
= 0.05 or 5%

Therefore, the average annual percent change in the growth rate of GDP per capita between 2011 and 2021 is 5%. Hence, the best choice is B).

If Real GDP Per Capita in the United States Is