Question
Consider the following real GDP and population levels during 1950, 2010, and 2019 1950 real GDP=170756.312, population=13.7694201 2010 real GDP=1483011.5, population=34.147564 2019 real GDP=1846581.12, population=37.411047
Consider the following real GDP and population levels during 1950, 2010, and 2019
1950 real GDP=170756.312, population=13.7694201
2010 real GDP=1483011.5, population=34.147564
2019 real GDP=1846581.12, population=37.411047
a) Compute the real GDP Per Capita in 1950, 2010, 2019, and compute its average annual growth rates from 1950 to 2019 and during the last decade (from 2010 to 2019). Did economic growth slow-down during the last decade compared to the last 69 years?
b) Compute the average annual growth rates of the real GDP and population from 1950 to 2019 and during the last decade (from 2010 to 2019).
c) If the average annual growth rate of the population remains the same in the current decade (from 2020 to 2029) as in the previous one (from 2010 to 2019) found in b., how much does the real GDP has to grow during the current decade to be consistent with its per capita average annual growth rate from 1950 to 2019 found in a?
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