Australias real GDP was $1,730 billion in 2017 and $1,782 billion in 2018. Australias population was 24.6
Question:
Australia’s real GDP was $1,730 billion in 2017 and $1,782 billion in 2018. Australia’s population was 24.6 million in 2017 and 25.0 million in 2018. Calculate:
a. The growth rate of real GDP.
b. The growth rate of real GDP per person.
c. The approximate number of years it will take for real GDP per person in Australia to double if the current real GDP growth rate and population growth rate are maintained.
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Step by Step Answer:
a The growth rate of real GDP can be calculated by the formula Growth Rate GDP in 2018 GDP in 2017GD...View the full answer
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