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Macroeconomics Question

Japan's real GDP was 515 trillion yen in 2003 and 529 trillion yen in 2004. Japan's population was 127.7 million in 2003 and 127.9 million in 2004. Calculate

a. Japan's economic growth rate in 2004.
b. The growth rate of real GDP per person in Japan in 2004.
c. The approximate number of years it takes for real GDP per person in Japan to double if the 2004 economic growth rate and population growth rate are maintained.

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Solution Summary

The solution answers the question(s) below.

Solution Preview

a. Japan's economic growth rate in 2004.
The economic growth rate is the growth rate of real GDP.
Between 2003 and 2004 this growth rate = [(529 - 515)/515] × 100% = ...

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