Question
Macroeconomics Question on Growth models
Using the following table,
| Year | Population of the Economy | GDP of the Economy (in crore) |
|---|---|---|
| 2010 | 20,000 | 25,000 |
| 2020 | 25,000 | 40,000 |
the average growth rate (compounded annually) of per capita GDP in an economy during the period 2010-2020 is ________ (in percent, round off to 2 decimal places).
Answer
The correct answer is: 2.49 or 2.51 (approx.)