ii.In this given equation, L, is the percent of the population that works in an economy. 7.Know the typical rates of economic growth and real per capita GDP for the countries thatwe've studied. (notes) a.United States: $55,800 (gdp pp) 1.7%
b.Australia: $47,000 (gdp pp) 1.8%c.Canada: $42,000 (gdp pp) 3.5%d.S. Korea: $36,500 (gdp pp) 2.7%e.China: $14,100 (gdp pp) 6.7%f.Haiti: $1,800 (gdp pp) 1.4%Review session 1.What do these represent and what is the equation for Real GDP per person?2.What does this graph tell you? a.I’m a fucking genius 3.Small rates of growth rates have a big impact over time 4.What is the difference between CPI and the GDP deflator? 5.What are the equations of the GDP deflator and CPI 6.Convert nominal price of gasoline from 1995 to 2005a.(200/180)*1.25 = $1.39 7.What is the real rate of interest a.nom-interest=realb.1% 8. What is the difference between the core and headline CPI?