In 2007,the imaginary nation of Freedonia had a population of 2,700 and real GDP of 16,200,000.In 2008 it had a population of 2,500 and real GDP of 14,640,000.What was the growth rate of real GDP per person in Freedonia between 2007 and 2008?

Question

Quizplus · Accepted Answer

The real GDP per person in 2007 was 16,200,000 / 2,700 = 6,000. In 2008, it was 14,640,000 / 2,500 = 5,856. The growth rate is ((5,856 - 6,000) / 6,000) * 100 = -2.4 percent.

In 2007,the Imaginary Nation of Freedonia Had a Population of 2,700