Homework Answers
Economic growth rate by definition is the rate of change of real GDP over a period of time.
Hence, option (c) is correct.
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Consider the following data for a hypothetical economy: Year Real GDP Population $5000 billion 200 million...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
Canada’s real GDP was $1,757.6 billion in 2014 and $1762.2 billion in 2015. Canada’s population growth...
Canada’s real GDP was $1,757.6 billion in 2014 and $1762.2 billion in 2015. Canada’s population growth rate in 2015 was 0.8 percent. Calculate: 2a. Canada’s economic growth rate in 2015. 2b. The growth rate of real GDP per person in Canada in 2015. 2c. The approximate number of years it takes for real GDP per person in Canada to double if the 2015 economic growth rate and population growth rate are maintained. 2d. The approximate number of years it takes...
Australia's real GDP was SA1,730 billion in 2017 and SA1,782 billion in 2018
MacroeconomicAustralia's real GDP was SA1,730 billion in 2017 and SA1,782 billion in 2018. Australia's population was 24.6 million in 2017 and 25.0 million in 2018. Calculate a. The growth rate of real GDP b. The growth rate of real GDP per person. c. The approximate number of years it will take for real GDP per person in Australia to double if the current real GDP growth rate and population growth rate are maintained.
The following are selected statistics for a given year in a hypothetical economy Nominal GDP $500...
The following are selected statistics for a given year in a hypothetical economy Nominal GDP $500 billion Natural rate of unemployment 8% Actual rate of unemployment 10% GDP deflator 115 Refer to the information above to answer this question. What is the amount of the GDP gap? Select one: a. $25 billion. O b. $525 billion. O c. $20 billion. O d. $475 billion. O e. $435 billion.
1. Which of the following measures a nation's standard of living? e A. real GDP B....
1. Which of the following measures a nation's standard of living? e A. real GDP B. real GDP per person C. nominal GDP D. nominal GDP per person 2. Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP W $502.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person A. 16 percent B. 13 percent C. 10 percent D. 7...
Real GDP in 2002 was $13,169 billion. Real GDP in 2003 was $12,792 billion. What was...
Real GDP in 2002 was $13,169 billion. Real GDP in 2003 was $12,792 billion. What was the percentage change in real GDP from 2002 to 2003? What do econom call the percentage change in real GDP from one year to the next? The percentage change in real GDP from 2002 to 2003 is - %. (Round your response to one decimal place.) This percentage change in real GDP is also known as O A. the profit. O B. the marginal...
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200...
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200 Year 2010 2011 2012 2013 Nominal GDP $2000 $3000 $3750 $6000 22. Use the above table for Fisherville. What is the rate of inflation across the entire period from 2010-2013? a. b. с. d. 100% 25% 20% None of the above 23. Use the above table for Fisherville to answer the following question. Which of the following is NOT correct? a. This economy experienced...
3. We are calculating the economic growth of Bangladesh. The Real GDP of year 2015 and...
3. We are calculating the economic growth of Bangladesh. The Real GDP of year 2015 and 2016 was S690 billion and S735 billion. Also the population was 135 million and 140 million respectively in 201:5 and 2016. Calculate the real GDP per capita for Bangladesh for the years 2015 and 2016. (4 points) Also calculate the economic growth between 2015 and 2016. (Show calculations) (4 points)
An economy has the following data: real GDP $5,384 billion taxes collected by the government $519...
An economy has the following data: real GDP $5,384 billion taxes collected by the government $519 billion government spending $684 billion consumption spending $3,782 billion. If this is a closed economy, what is the value of investment spending?
The following data show nominal GDP and the appropriate price index for several years. All GDP...
The following data show nominal GDP and the appropriate price index for several years. All GDP are in billions. Use for questions 16 and 17. Nominal Price Year GDP level Real GDP index $117 124 143 149 96 178 112 220 143 **hint: only need Real GDP for years 1,5 and 6 16. The change in GDP from Year 1 to Year 6 is: a. Increase $56 billion b. Increase $46 billion c. Decrease $56 billion d. Decrease $46 billion...
GDP deflator Year Nominal GDP Population Size ($ billions (millions 2008 3,275 310 2009 3,400 312 2010 3,350 314 Table L: Economic Data for a Hypothetical Economy 104 107 109 119. Consider the economic data provided for a hypothetical economy in Table L above. What is the real GDP growth rate from 2008-09 for the economy depicted in Table L? (If necessary, at each stage of calculation, round to the nearest 1/100th (0.00).) A. -3.39% B. -3.28% C. -1.47% D....
The following are selected statistics for a given year in a hypothetical economy Nominal GDP $500 billion Natural rate of unemployment 8% Actual rate of unemployment 10% GDP deflator 115 Refer to the information above to answer this question. What is the amount of the GDP gap? Select one: a. $25 billion. O b. $525 billion. O c. $20 billion. O d. $475 billion. O e. $435 billion.
1. Which of the following measures a nation's standard of living? e A. real GDP B. real GDP per person C. nominal GDP D. nominal GDP per person 2. Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before, real GDP W $502.0 billion and the population was 2.0 million. What was the approximate growth rate of real GDP per person A. 16 percent B. 13 percent C. 10 percent D. 7...
Real GDP in 2002 was $13,169 billion. Real GDP in 2003 was $12,792 billion. What was the percentage change in real GDP from 2002 to 2003? What do econom call the percentage change in real GDP from one year to the next? The percentage change in real GDP from 2002 to 2003 is - %. (Round your response to one decimal place.) This percentage change in real GDP is also known as O A. the profit. O B. the marginal...
Table of data for Fisherville. The base year is 2010. GDP Deflator 100 120 150 200 Year 2010 2011 2012 2013 Nominal GDP $2000 $3000 $3750 $6000 22. Use the above table for Fisherville. What is the rate of inflation across the entire period from 2010-2013? a. b. с. d. 100% 25% 20% None of the above 23. Use the above table for Fisherville to answer the following question. Which of the following is NOT correct? a. This economy experienced...
3. We are calculating the economic growth of Bangladesh. The Real GDP of year 2015 and 2016 was S690 billion and S735 billion. Also the population was 135 million and 140 million respectively in 201:5 and 2016. Calculate the real GDP per capita for Bangladesh for the years 2015 and 2016. (4 points) Also calculate the economic growth between 2015 and 2016. (Show calculations) (4 points)
The following data show nominal GDP and the appropriate price index for several years. All GDP are in billions. Use for questions 16 and 17. Nominal Price Year GDP level Real GDP index $117 124 143 149 96 178 112 220 143 **hint: only need Real GDP for years 1,5 and 6 16. The change in GDP from Year 1 to Year 6 is: a. Increase $56 billion b. Increase $46 billion c. Decrease $56 billion d. Decrease $46 billion...
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