Australia’s annual growth rate of real GDP per person was 2.08 per cent for the period 1950–2000. Which of the following statements is correct?

Question

BlackTom AI · Accepted Answer

The question concerns interpreting the statement: Australia’s annual growth rate of real GDP per person was 2.08 per cent for the period 1950–2000. 
Option a: 'This means that Australia’s real GDP per person actually rose exactly 2.08 per cent every year.' This is a common misinterpretation. An average annual growth rate over a period does not imply that the value grew by the same amount in every single year; some years could be higher and others lower, and the compounding effect matters. 
Option b: 'This means that Australia’s real GDP per person actually rose less than 2.08 per cent every year.' This is incorrect for the same reason: the average over the period does not specify that every year was below the average. Year-to-year fluctuations could produce an average of 2.08% even with some years above and some below. 
Option c: 'This means that Australia’s real GDP per person actually rose more than 2.08 per cent every year.' Again, this misreads the concept of an average growth rate. An average of 2.08% does not guarantee every single year exceeded 2.08%; some years could be lower or higher, and the average summarises the central tendency, not a floor or ceiling for each year. 
Option d: 'This means that Australia’s real GDP per person actually rose on average 2.08 per cent every year.' This phrasing correctly captures the meaning of an average annual growth rate over the entire period: the per-year growth rates varied, but their average across the period is 2.08%. It does not claim uniform growth each year, only an average pace across the span.

Australia’s annual growth rate of real GDP per person was 2.08 per cent for the period 1950–2000. Which of the following statements is correct?单项选择题

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