If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate, what would be the value of real GDP per person 100 years later?

Name: If real GDP per person was equal to $2,000 in 1900 and grew at a 1 percent annual rate, what would be the value of real GDP per person 100 years later?
Brand: Quizplus
Rating: 4.8 (50 reviews)

Question

Quizplus · Accepted Answer

Real GDP per person after 100 years can be calculated as:

$2,000 x (1.01)^{100} = $5,413.41

Since the answer choices are rounded, the closest value is C: $5,410.

If Real GDP Per Person Was Equal to $2,000 in 1900