Question

In 2009, the imaginary nation of Mainland had a population of 7,000 and real GDP of 210,000. In 2010 the population was 7,300 and real GDP of 223,380. Over the year in question, real GDP per person in Mainland grew by Select one: a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.

Answer 1

Over the year in question, real GDP per person in Mainland grew by 2 percent, which is about the same as average U.S. growth over the last one-hundred years.

Real GDP per person is used to determine the standard of living of a population. The higher the real GDP person, the higher the standard of living.

Gross domestic product is the total sum of goods produced in an economy over a period of time.

Real GDP is GDP that has been adjusted for inflation.

The first step is to determine the real GDP per capita in both years

2009 : 210,000 / 7,300 = 30

2010 : 223,380 / 7,300 = 30.60

Growth rate of GDP = (30.6 / 30 - 1) = 2%

To learn more, please check: brainly.com/question/14274402?referrer=searchResults