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4) The following table indicates U S real GDP data Calculate real

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4) The following table indicates U.S. real GDP data.
Calculate real GDP per person for 1987 and 2005. Then
use real GDP per capita to compute the percentage
change in real GDP per person from 1987 to 2005.
Year
Real GDP (2000 prices)
(in million)
Population
(in million)
1987
$6,435,000
243
2005
$11,092,000
296.6
Year
Real GDP (2000 prices)
(in million)
Population
(in million)
1987
$6,435,000
243
2005
$11,092,000
296.6
Solution

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4) The following table indicates U.S. real GDP data. Calculate real GDP per person for 1987 and 2005. Then use real GDP per capita to compute the percentage change in real GDP per person from 1987 to 2005. Year Real GDP (2000 prices) (in million) Population (in million) 1987 $6,435,000 243 2005 $11,092,000 296.6 Year Real GDP (2000 prices) (in million) Population (in million) 1987 $6,435,000 243 2005 $11,092,000 296.6 Solution 1) Real GDP per person for 1987: Real GDP / Population = $6,435,000 Million / 243 Million = $26,481.48 2) Real GDP per person for 2005: Real GDP / Population = $11,09 ...
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