Essay
Per capita real GDP is given by the equation y = Y/PN, where Y is nominal GDP, P is GDP deflator, and N is population. In the United States, if the average growth rate of nominal GDP is 6.8 percent, inflation is 3.6 percent, and population growth is 1.1 percent, what is the growth of real GDP? Per capita nominal GDP? Per capita real GDP?
Correct Answer:
Verified
Correct Answer:
Verified
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