Chapter 5 number 10. Suppose that over the past 25 years a country’s nominal GDP grew...
Chapter 5 number 10. Suppose that over the past 25 years a country’s nominal GDP grew to three times its former size. In the meantime, population grew 50 percent and prices rose 100 percent. What happened to real GDP per person? please show work.
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a. |
It more than doubled. |
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|
b. |
It rose, but less than doubled. |
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c. |
It did not change. |
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d. |
It fell. |
Homework Answers
Real GDP = Nominal GDP adjusted for the inflation
Nominal GD grew by three times and Inflation doubled
so, It rose, but less than doubled
option(B)
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Chapter 5 number 10. Suppose that over the past 25 years a
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