Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million.The year before real GDP was 750 billion and the population was 3 million.What was the growth rate of real GDP per person during the year?
A)10 percent
B)14 percent
C)17 percent
D)21 percent

Question

Quizplus · Accepted Answer

The growth rate of real GDP per person is calculated as the percentage change in real GDP per person from one year to the next. In this case, real GDP per person in the year before was 750 billion / 3 million = 250 billion. Real GDP per person in the last year was 907.5 billion / 3.3 million = 275 billion. The percentage change in real GDP per person is (275 - 250) / 250 * 100 = 10%.

Last Year Real GDP in the Imaginary Nation of Populia