Suppose an economys real gdp is 30000 in year 1 and 31200, Econometrics

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Suppose an economys real gdp is 30000 in year 1 and 31200

1. Why is economic growth important? Why could the difference between a 2.5 percent and a 3 percent annual growth rate be of great significance over several decades?

2. Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?

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Econometrics: Suppose an economys real gdp is 30000 in year 1 and 31200

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