If real GDP per person increases over a year from $50,000 to $60,000, the economic growth rate is 20 percent.

Name: If real GDP per person increases over a year from $50,000 to $60,000, the economic growth rate is 20 percent.
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The economic growth rate is calculated by taking the change in GDP per person ($60,000 - $50,000 = $10,000), dividing by the original GDP per person ($50,000), and then multiplying by 100 to get a percentage. ($10,000 / $50,000) * 100 = 20%.

If Real GDP Per Person Increases Over a Year from $50,000