12. Suppose our GDP were to rise from $10 trillion in 2007 to $20 trillion in 2027, when the GDP defl ator is 125. And suppose that our population rose from 300 million in 2007 to 330 million in 2027.

(a) How much is per capita real GDP in 2027?

(b) By what percentage did per capita real GDP rise between 2007 and 2027? [Hint: Do the problem in four steps:

(1) Find real GDP in 2027; (2) fi nd per capita real GDP in 2027; (3) fi nd per capita real GDP for 2007;

and (4) fi nd the percentage rise in per capita real GDP between 2007 and 2027.] (LO6)