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If the growth rate of real GDP per capita is 4% and the population growth rate is 2% for a country, what is the growth rate of real GDP?

Answer:

Growth Rate of Real GDP

The growth rate of real Gross Domestic Product (GDP) is calculated by subtracting the population growth rate from the real GDP per capita growth rate. In this case, the growth rate of real GDP is 4% – 2% = 2%. This means that for every 1 unit of real GDP per capita growth, the overall GDP of the country grows by 2 units.

Calculation of GDP Growth Rate

To calculate the growth rate of real GDP, start with the growth rate of real GDP per capita. Real GDP per capita is the total value of goods and services produced in a country divided by the population. The growth rate of real GDP per capita is the rate at which the value of goods and services produced in a country grows compared to the growth rate of the population. Subtract the population growth rate from the real GDP per capita growth rate to get the growth rate of real GDP.

Implications of GDP Growth Rate

A higher growth rate of real GDP can have positive implications for a country. It can lead to higher incomes, greater job opportunities, and increased spending power. A higher growth rate of real GDP can also lead to greater investment in research and development, which can help a country stay competitive in the global market.

Factors Affecting GDP Growth Rate

A number of factors can affect the growth rate of real GDP, including population growth, economic policies, technological progress, and external factors such as trade agreements and economic sanctions.

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