Question
The population of the Island was 37 people in 2020 and increased to 42 people in 2021. Calculate the real GDP per person in 2020
The population of the Island was 37 people in 2020 and increased to 42 people in 2021. Calculate the real GDP per person in 2020 and 2021, and then the growth rate of real GDP per person between 2020 and 2021. From your answers in (ii) and (iii), what can you say about the economic wellbeing of individual person in 2021 as compared to that of 2020? (10 marks)
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Foundations of Macroeconomics
Authors: Robin Bade, Michael Parkin
6th edition
132831007, 978-0132831000
