Asked by Victoria Hines on Jun 05, 2024
Verified
Use the data on U.S. real GDP below to compute real GDP per person for each year. Then use these numbers to compute the percentage increase in real GDP per person from 1993 to 2012.
Year Real GDP (2009 prices) Population 1993$9,510,800 million 257.8 million 2012$15,470,700 million 313.85 million \begin{array} { | l | l | l | } \hline \text { Year } & \text { Real GDP (2009 prices) } & \text { Population } \\\hline 1993 & \$ 9,510,800 \text { million } & 257.8 \text { million } \\\hline 2012 & \$ 15,470,700 \text { million } & 313.85 \text { million } \\\hline\end{array} Year 19932012 Real GDP (2009 prices) $9,510,800 million $15,470,700 million Population 257.8 million 313.85 million
Real GDP
Real GDP (Gross Domestic Product) measures the value of economic output adjusted for price changes, providing a more accurate reflection of an economy's size and how it's growing over time.
- Explain the correlation between efficiency in production and quality of life.
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ZK
Zybrea KnightJun 05, 2024
Final Answer :
Real GDP per person in 1993 was $9,510,800/257.8 = about $36,892. Income per person in 2012 was $15,470,700/313.85 = about $49,293. Income per person grew by (49,293 - 36,892)/36,892 = about 33.6%.
Learning Objectives
- Explain the correlation between efficiency in production and quality of life.