Suppose that real GDP had grown by 3 percent each year from 2004 to 2007. Using some
Question:
Suppose that real GDP had grown by 3 percent each year from 2004 to 2007. Using some of the data in problem 3:
a. What would real GDP have been in 2007?
b. Based on your answer in (a) above, what would output per person have been in 2007?
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a Real GDP in 2007 would have been 13382 Here are the calculations If real GDP had grown by ...View the full answer
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Related Book For 
Macroeconomics Principles and Applications
ISBN: 978-1111822354
6th edition
Authors: Robert E. Hall, Marc Lieberman
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