If a nation's population grows at 2 percent and its real GDP grows at 4 percent, what is the growth rate of real GDP per person?
What will be an ideal response?
The growth rate of real GDP per person equals the growth rate of real GDP minus the population growth rate. Hence, in the question at hand, the real GDP per person growth rate equals 4 percent minus 2 percent, or 2 percent.
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Changes in the growth rate of potential output and deviations of actual output from potential output are two logical explanations for:
A. short-term economic fluctuations. B. increasing wage inequality. C. skill-biased technological change. D. the decline in the natural rate of unemployment.
Refer to the scenario above. Earthland's financial account would report a balance of ________ for the year
A) $4 billion B) -$10 billion C) -$6 billion D) $14 billion
An increase in disposable income leads to a
A) rightward shift of the supply of loanable funds curve. B) rightward shift of the demand for loanable funds curve. C) downward movement along the supply of loanable funds curve. D) leftward shift of the supply of loanable funds curve. E) leftward shift of the demand for loanable funds curve.
Which statement is true?
A. There are currently about 35 million labor union members in the U.S. labor force. B. About one out of every four sets of collective bargaining sessions ends in a strike. C. Union membership as a percentage of the labor force has been declining since the 1950s. D. None of the statements are true.