In 2009,the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000.In 2010 the population was 7,300 and real GDP of 223,380.Over the year in question,real GDP per person in Mainland grew by
A)2 percent,which is high compared to average U.S.growth over the last one-hundred years.
B)2 percent,which is about the same as average U.S.growth over the last one-hundred years.
C)4 percent,which is high compared to average U.S.growth over the last one-hundred years.
D)4 percent,which is about the same as average U.S.growth over the last one-hundred years.

Question

Quizplus · Accepted Answer

Real GDP per person in 2009 was 210,000/7,000 = 30. In 2010, it was 223,380/7,300 = 30.6. The growth rate is (30.6 - 30) / 30 = 0.02 or 2%, which is about the same as the average U.S. growth rate over the last one-hundred years.

In 2009,the Imaginary Nation of Mainland Had a Population of 7,000