Question
The following table summarizes Bureau of Economic Analysis data on NGDP and RGDP from 2010 - 2016. Data are in billions of dollars. Year NGDP
The following table summarizes Bureau of Economic Analysis data on NGDP and RGDP from 2010 - 2016. Data are in billions of dollars.
Year | NGDP | RGDP |
2010 | 14,964.40 | 14,783.80 |
2011 | 15,517.90 | 15,020.60 |
2012 | 16,155.30 | 15,354.60 |
2013 | 16,663.20 | 15,583.30 |
2014 | 17,348.10 | 15,961.70 |
2015 | 17,942.90 | 16,345.00 |
The following table summarizes U.S. Census Bureau data on population estimates from 2010 - 2016.
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 |
309,348,193 | 311,663,358 | 313,998,379 | 316,204,908 | 318,563,456 | 320,896,618 | 323,127,513 |
What was the growth rate of RGDP from 2010 to 2011?
What was the population growth rate from 2010 to 2011?
Using the approximation formula calculate the annual growth rate of the RGDP per person in 2011.
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