In 2019 the imaginary country of Laffonia had a real GDP of $4.7 billion and a population of 310,000. In 2020 the real GDP was $5.0 billion and the population was 315,000. What was Laffonia’s growth rate in real GDP (per person) between 2019 and 2020? Round off to two decimal places

In 2019 the imaginary country of Laffonia had a real GDP of $4.7 billion and a population of 310,000. In 2020 the real GDP was $5.0 billion and the population was 315,000. What was Laffonia’s growth rate in real GDP (per person) between 2019 and 2020? Round off to two decimal places

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 10E

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4) In 2019 the imaginary country of Laffonia had a real GDP of $4.7 billion and a population of 310,000. In 2020 the real GDP was $5.0 billion and the population was 315,000.

What was Laffonia’s growth rate in real GDP (per person) between 2019 and 2020? Round off to two decimal places.

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