Singapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The population was 5.6 million in 2016 and 5.6 million in 2017. Calculate Singapore's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Singapore to double if the 2017 economic growth and population growth rates are maintained.
Singapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The population was 5.6 million in 2016 and 5.6 million in 2017. Calculate Singapore's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Singapore to double if the 2017 economic growth and population growth rates are maintained.
Chapter16: Economic Growth
Section: Chapter Questions
Problem 3E
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