Question

Question 61 (1 point) Suppose in a country Real GDP increased from $213,500 to $243,800 while the population increased from 119 to 120. The change in real per-capita GDP would be: $_______ ** You must report your answer as a whole number - do not include a decimal or a dollar sign. For example, 15 or 268 or -173. If you do not report it in this way, it may be marked as incorrect. Note on rounding: 0.5 or higher rounds up; everything else rounds down." Your Answer: Answer

Answer 1

Solution:

Real per capita gross domestic product = real GDP/population

Real per capita GDP initially = 213500/119 = 1,794.11765

New real per capita GDP = 243800/120 = 2,031.66667

So, change in real per capita GDP = new real per capita GDP - initial real per capita GDP

Change in real per capita GDP = 2031.66667 - 1794.11765 = 237.54902

This, change in real per capital GDP = 238 (on rounding to nearest integer value).