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Unformatted text preview: 2-6-08Ch.8 (economic growth)-Economic growth oa sustained expansion of production possibilities measured as the increase in real GDP over a given periodnominal might just change-economic Growth Rateoannual percentage change in real GDPoEconomic Growth Rate = (Real GDP2007 Real GDP 2006) / (Real GDP 2006)Real GDP 2007 = $11567.3 bilReal GDP 2006 = $11319.4 bil(11567.3 11319.4) / (11319.4) = .0219 = 2.19%oHow many people were there? Interested in GDP per person-Per capita Real GDPoReal GDP divded by the populationoAlso known as Real GDP per personReal GDP 2007 = 11567.3 bilReal GDP 2006 = 11319.4 bilPopulation 2007 = 301.6 milPopulation 2006 = 298.8Real GDP per person 2007 = 11567.3 bil / 301.6 mil = 38353.12Real GDP per person 2006 = 11319.4 bil / 298.8 mil 37882.86Change in population is .94%Real GDP from previous is 2.9 %Change per person is about 1.24%Change in GDP Change in population = 1.24%oReal GDP growth population growth = growth of real GDP per person...
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This note was uploaded on 12/02/2009 for the course ECON econ taught by Professor For got during the Spring '09 term at UCSD.
- Spring '09
- for got