Answered: 5. The real GDP per capita in Colombia…

5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log formula.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 3SCQ: Using data from Table 19.5 how much of the nominal GDP growth from 1980 to 1990 was real GDP and how...

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Question

5. The real GDP per capita in Colombia was $3,692 in 2000 and $5,889 in 2020. What is the
average annual growth rate of the real GDP per capita from 2000 to 2020? Please use the log
formula.

Expert Solution

Step 1

Given

GDP per capita in 2000

$Y_{2000} = $ 3692$

GDP per capita in 2020

$Y_{2020} = $ 5889$

time = 2020-2000= 20 years

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