Ask Question
BusinessBusiness
2 October, 21:30

In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000. During the year its real GDP per person grew by about 1.94%. Which of the following sets of growth rates is consistent with this growth in real GDP per person?

A. 3% population growth and 4% real GDP growth

B. 3% population growth and 5% real GDP growth

C. 6% population growth and 4% real GDP growth

D. 6% population growth and 5% real GDP growth

+2
Answers (1)
  1. 2 October, 21:32
    0
    B. 3% population growth and 5% real GDP growth

    Explanation:

    2012 GDP per person = 42,000,000 : 10,000 = 4,200

    Current population (at 3% growth rate) = 10,000 + (10,000 * 3%) = $10,300

    Current real GDP (at 5% growth rate) = 42,000,000 + (42,000,000 * 5%) = 44,100,000.00

    Current GDP per person = 44,100,000.00 : 10,300 = $4,281.55

    Growth rate of GDP per person = ($4,281.55 - 4,200) / 4,200 = 0.0194, or 1.94%.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000. During the year its real GDP per person ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following is true about a "credit"? a) It is part of the double-entry procedure that keeps the accounting equation in balance. b) It represents a decrease to assets. c) It represents an increase to liabilities.
Answers (1)
A city government hopes to decrease the quantity of sugary drinks consumed, and is planning to implement a tax on the drinks. Should the government tax companies that sell sugary drinks, or the consumers who purchase them?
Answers (1)
Sadie contracted with Sean, who agreed to replace the carpets in her house. Sean damaged some of the walls when he installed the carpets. Sadie did not pursue a claim against Sean for his defective performance of the contract.
Answers (1)
On January 1, a company issues bonds dated January 1 with a par value of $310,000. The bonds mature in 5 years. The contract rate is 11%, and interest is paid semiannually on June 30 and December 31.
Answers (1)
David Desgro hired Paul Pack to inspect a house that Desgro wanted to buy. Pack had Desgro sign a standard-form contract that included a twelve-month limit for claims based on the agreement.
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)
Home » Business » In 2012, the imaginary nation of Platland had a population of 10,000 and real GDP of 42,000,000. During the year its real GDP per person grew by about 1.94%.
Sign Up Forgot Password?