Author Question: U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and ... (Read 59 times)

washai · **on:** Jun 29, 2018

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?

Question 2

The above table gives data for the nation of Mouseville. There are no imports into or exports from Mouseville. Unplanned inventory changes equal 50 billion when real GDP equals

A) 800 billion. B) 900 billion. C) 500 billion. D) 300 billion. E) 700 billion.

jsm54321 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

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.

Answer to Question 2

B