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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.
- Find real GDP per person in Tokyo in 2008 and 2025.
- 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?
- Describe two policies that could be used to raise economic growth at the national level.
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