U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and population for 1961 and 1962
a. What was U.S. real GDP per person in 1961?
b. What was U.S. real GDP per person in 1962?
c. Between 1961 and 1962, how rapidly did U.S. real GDP per person grow?
a. U.S. real GDP per person in 1961 = ($2,432 billion)/(184 million) = $13,217.
b. U.S. real GDP per person in 1962 = ($2,578 billion)/(186 million) = $13,860.
c. The growth rate of real GDP per person equals × 100 = 4.9 percent.
You might also like to view...
Suppose X - M = net exports; T - G = government sector balance; and S - I = private sector balance. What relationship exists among these variables?
A) (X - M ) + (T - G ) + (S - I ) = 0 B) (X - M ) = (T - G ) + (S - I ) C) (T - G ) + (X - M ) = (S - I ) D) (T - G ) = (X - M ) + (S - I )
In the long run, a firm in monopolistic competition has its price equal to ________ and also has its price ________
A) marginal cost; exceeding its average total cost. B) marginal cost; equal to its average total cost C) average total cost; exceeds its marginal cost D) average total cost; less than its marginal cost
Which of the following would be most likely to cause an outward shift of the demand curve for electricity?
a. a decrease in the price of electricity b. an increase in the price of air conditioners c. an increase in the price of heating oil d. a decrease in the price of natural gas
Higher education is a normal good. If its price falls,
a. the quantity of higher education demanded will fall b. the substitution and income effects work in opposite directions c. the income effect is negative d. higher education will satisfy to the law of demand e. real purchasing power will fall