Macroeconomics 6th Edition by Robert Hall,Marc Lieberman

Exercise 3

Suppose that real GDP had grown by 3 percent each year from 2004 to 2007. Using some of the data in problem 3: a. What would real GDP have been in 2007? b. Based on your answer in (a) above, what would output per person have been in 2007? 5. Use the information in the table below to calculate the percentage change in real GDP from 2007 to 2008, from 2008 to 2009, and from 2009 to 2010.
Reference:
3. In 2004, real GDP (at 2005 prices) was $12,247 billion. In 2007, it was $13,206 billion. During the same period, the U.S. population rose from 292.9 million to 301.4 million.
a. What was the total percentage increase in real GDP from 2004 to 2007?
b. What was the total percentage increase in the U.S. population over this period?
c. Calculate real GDP per capita in 2004 and 2007. By what percentage did output per person grow over this period?