In 2010 Real GDP in Latania Was $750 Billion and the Population

question 97

Multiple Choice

In 2010 real GDP in Latania was $750 billion and the population was 3 million. In 2011 real GDP was $990 billion and the population was 3.3 million. What was the approximate growth rate of real GDP per person?

• A)11 percent
• B)14 percent
• C)17 percent
• D)20 percent

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Definitions:

Fixed Costs

Expenses that do not change with the level of goods or services produced by a business.

Construction

The process or activity of building structures such as houses, roads, and buildings.

User Cost

The cost of using a capital asset, considering both the depreciation of the asset and the interest lost by investing in the asset instead of elsewhere.

Extracted

Refers to the process of removing or obtaining a resource, substance, or element from its source or original environment.