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In 2008, Tokyo had a real GDP of $1479 billion and a population of 35.8 million. By 2025, it is estimated that Tokyo will have

In 2008, Tokyo had a real GDP of $1479 billion and a population of 35.8 million. By 2025, it is estimated that Tokyo will have a real GDP of $1981 billion (in 2008 US dollars) and a population of 36.4 million (PwC, UK Economic Outlook, 2009). During the above period, Tokyo's projected real GDP growth rate is 1.70% per year and its projected population growth rate is 0.10% per year.

  1. Find real GDP per person in Tokyo in 2008 and 2025.
  2. Find the approximate annual growth rate of real GDP per person during the above period. How does this compare with the exact annual growth rate?
  3. Describe two policies that could be used to raise economic growth at the national level.

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