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?[Fill in the blank]

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The question states: 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? [Fill in the blank]

Option a: 'This means that Australia’s real GDP per person actually rose exactly 2.08 per cent every year.'
- This is incorrect because a period average of 2.08% does not imply each individual year grew by exactly 2.08%. Growth can vary year to year, with some years higher and some years lower, while the overall average remains 2.08%.

Option b: 'This means that Australia’s real GDP per person actually rose less than 2.08 per cent every year.'
- This is incorrect because the statement of an average growth rate does not necessitate that every year was below 2.08%. Some years could be above 2.08%, some below, and the average still equals 2.08%.

Option c: 'This means that Australia’s real GDP per person actually rose more than 2.08 per cent every year.'
- This is incorrect for the same reason as option b: an average of 2.08% over the period does not require every year to exceed 2.08%. Yearly growth can be irregular, with some years below the average.

Option d: 'This means that Australia’s real GDP per person actually rose on average 2.08 per cent every year.'
- This statement correctly captures the meaning of the given average: over the 1950–2000 span, the growth rate averaged to 2.08% per year. It does not claim every year matched that rate, only that the long-run average is 2.08%.

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?[Fill in the blank]

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