1. Economic growth basics The Real GDP and population data for two hypothetical countries, Panchal and Kishkindha, for the years 2012 and 2013 are given as follows. Panchal Kishkindha Real GDP (2012) $4,064,000 $16,840,000 Population (20165) 2,000 15,000 Real GDP (2013) $4,389,120 $17,513,600 Population (2013) 2,080 15,150 Between the years 2012 and 2013, the absolute Real economic growth for Panchal is Similarly, the absolute Real economic growth for Kishkindha isThe percentage change in Real GDP between two years may be calculated using this formula: Percentage Change in Real GDP = Change in Real GDP The rule of 70 states that if a variable grows at X% per year, then it will take about - years for the variable to double. For Panchal and Kishkindha, the absolute real economic growth rates (percentage change in Real GDP) are 8% and 49%, respectively. If these rates of growth are sustained over a long period of time, it will take approximately * years for the Real GDP of Panchal to double, On the other hand, it will take Kishkindha approximately > years. The per-capita real economic growth between 2012 and 2013 for Panchal Is .Similarly, per-capita real economic growth for Kishkindha IS