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The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Real

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The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Real GDP Population Real GDP per (millions of (thousands of Capita Year dollars) people) (dollars) 1 $5, 720 220 $26, 000 2 6,496 224 29, 000 3 7, 392 231 32, 000 Instructions: Round your answers to one decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: 1% ces Population: % Standard of living: 1% b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: % Population: %

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