Illustrtae what is the growth rate of its real gdp

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Reference no: EM1333185

Growth Rate of GDP

Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2.

1) What is the growth rate of its real GDP?

Assume that population is 100 in year 1 and 102 in year 2.

2) What is the growth rate of GDP per capita?

Reference no: EM1333185

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