Question

Suppose you reside in the country of Camelot. In​ 2001, the total population is 12,000​, the number of workers is 84,000​, and real GDP is ​$5,760,000,000. Now assume in​ 2002, the total population is 132,000​, the number of workers is 86,520​, and real GDP is ​$6,220,800,000.

Answer 1

If the aim is to compare the figures reached in the two periods, the best mechanism is to calculate the growth in percentage(%). In order to do so, the formula showed in the photo has to be applied to each of the 3 variables analyzed, always placing the newest value in the position V Present and the oldest one in V Past.

• Population % growth = ((132,000-120,000)/120,000 )*100= + 10%
• Nº of workers % growth = ((86,250-84,000)/84,000)*100= +2.67%
• GDP % growth =((6,220,800,000-5,760,000,000)5,760,000,000)/*100= + 8 %