Question

7. (LO1,2) Table 4.13 shows national data (in billions of dollars) for the economy of Westfall. Answer the questions to one decimal point. inflation rate a) Complete TABLE 4.13 TABLE 4.15 2013 2014 2015 Year Nomina 850 958 $36 109 118 Nominal GDP ($) GDP deflator (2010 = 100) Real GDP Population (millions) Real GDP per capita 833 G EWN- 30 27311 28 390 b) What will be a) Fill in the blanks in the table. b) What is the inflation rate in 2014? c) What is the growth rate of real GDP per capita in 2015? 11. (02) Suppose ti

Answer 1

Table 4.13 RGDP per capita = RGDP population In 2015, 28390 = RGDP 3130 million R GDP 0.031 billion - RGDP = $ 851.7 billion $880.1 billion I GDP deflator = NGRP x 100 RGDP In 2015, 118. = NGRP x 100 NGDP = $ 1038.5 billion $ 85+ 7 billion 880- - NGPP - $10905 $ 1085.2006 billion 7 $1005 billion In 2014, RGDP per capita = 833 billion. population - population = 833 27311 billion = 30.5 million - And GDP deflaten - NGDP x 100 = $958 bill RGPP X100 e 115 $833 billion

In 2013, Gop deflaton = 850 x 100 RGIDP - RGIDP = $850 billion 10o = $779.8 billions 109 RGIDP per capita = $779.8 billion 30 millions $179.8 billion 0.03 billion = $25993.3 billion 2013 2014 2015 850 858 1038.5 NGDP ($) 850 GDP Reflaton (2010 = 100) 109 115 118 R GDP 779.8 833 880. Population (millions) 30 30.5 31 25993.3 28390 per 27311 RGDP capita x 100 b) Inflation sale in 2014 → GDP Deflator 14 - GDP det later 013 GiDP Deflator 2013 ( 115-109 ) x 100 = 5.5% 109 el Gurowth pote of RGDP per capita in 2015 28390 - 27311 27311 - 4 %