Question

If an economy's population grows at 3 percent and real gdp grows at 2 percent, then:________

Answer 1

If an economy's population grows at 3 percent and real gdp grows at 2 percent, then per capita real GDP is declining

What is GDP?

Gross domestic product (GDP) is a monetary measure of the market value of all final products and services produced by countries in a given time period. Because of its complicated and subjective nature, this metric is frequently changed before it can be deemed a valid indicator.

Consumption, investment, government spending, exports, and imports are the components of GDP calculated using the expenditures approach.

Following a 6.9 percent gain in the fourth quarter of 2021, real GDP fell at an annual rate of 1.6 percent in the first quarter of 2022.

GDP is the sum of consumer expenditure (of households, NPISHs, and general government), gross fixed capital formation, inventory changes, and exports of goods and services, less the value of government debt.

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