Which of the following is the equation for calculating the real per capita gross domestic product (GDP) growth?
economic growth %Δ in real GP – %Δ price level – %Δ population
economic growth %Δ price level – %Δ population
economic growth %Δ in nominal GP – %Δ population
economic growth %Δ in nominal GP – %Δ price level – %Δ population
economic growth %Δ in nominal GP – %Δ price level
Answer
Option 3
economic growth %Δ in nominal GP – %Δ price level – %Δ population
the equation of economic growth is deducting the price and population change from nominal GDP.
Which of the following is the equation for calculating the real per capita gross domestic product...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate - Inflation rate - Population growth rateThis equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
Reference equation: Real GDP per capita growth rate Nominal GDP per capita growth rate - Inflation rate - Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation both is easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The...
When considering economic growth, many policy makers focus on real gross domestic product (GDP) per capita since it! takes into account the potentially distorting effects of capital flows. O population change. O pollution. O unemployment. Any large, sustainable increase in real GDP must be due to steadily increasing levels of research and development. labor productivity. birth rates. O levels of labor force participation.
Which of the following is the best equation for calculating the growth rate in the standard of living? Growth Rate of Population = ((Year 2 Population – Year 1 Population)/Year 1 Population) × 100% Growth Rate of Nominal GDP = ((Year 2 Nominal GDP – Year 1 Nominal GDP)/Year 1 Nominal GDP) × 100% Growth Rate of Real GDP = ((Year 2 Real GDP – Year 1 Real GDP)/Year 1 Real GDP) × 100% Growth Rate of Real GDP per...
Reference equation: Real GDP per capita growth rate = Nominal GDP per capita growth rate-inflation rate-Population growth rate This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when caloulating this rate. However, the smplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The table below lists...
Which Gross Domestic Product (GDP) indicator is the most relevant to examine recession? 1. Nominal GDP 2. Year-ended nominal GDP growth 3. Real GDP 4. Year-ended real GDP growth 5. Real non-farm GDP 6. Year-ended real non-farm GDP growth 7. Real farm GDP 8. Year-ended real GDP per capita growth
Question 22 (3 points) Annual real per capita gross domestic product (GDP) in the United States was roughly $44,000 in 2010. If it grew by 3 percent the following year, by 2011 the annual real per capita GDP would be $45,320. $42,718. $57,200. $33,846.
Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?
1. Real gross domestic product (GDP) increased from $16.62 trillion to $18.05 trillion, and the price level increased from 120.0 to 123.4. Rounding to the nearest second decimal, how much was the growth rate of nominal GDP? 2. A US computer company buys computers from a US company for their workers. Which category of US gross domestic product (GDP) is this included? (C, I, G, NX or none of the four)
Consider the following partial economic information for a country where the value of the Gross Domestic Product Deflator (GDPD) is the same as the Consumer Price Index (CPI) and hence generally referred to as the Price Index. The birth rate, mortality rate, and net migrate rate are such that the population growth rate is 0%. 2010: nominal GDP ($billions): 4486.0 price index: 108 nominal wage ($): 40,000 2011: nominal GDP ($billions): 4710 price index: 112 nominal wage ($): 40,800 What...