Question

Format Window Help Messages (51 unread) Open with Preview Screen Shot 2019-09-22 at 5.06.31 PM.png Question 11 [5 points] For all the questions below select the appropriate answer a) A basic measure of the standard of living in a country is: O that country's real GDP per capita. that country's nominal GDP per capita. O that country's nominal GDP that country's real GDP. b) A change in a general price index such as the GDP deflator, from 120.0 in year 1 to 126.0 in year 2 indicates Qa rate of inflation of 6.0 percent. Oa decline in the production of goods and services ey ed 201 Oa rate of deflation of 4.8 percent Oa rate of inflation of 5.0 percent ob E n thi You Be c) If real GDP in Ourland in 2007 was $1.1 million, when real GDP in 2006 had been $1.0 million, this means that: elpin O real GDP grew by 10 per cent. O real GDP grew by 1.0 per cent. O prices increased by 10 per cent real GDP fell by 11 per cent Scre 2019- lli Be achm risha etoo M d) To calculate the national unemployment rate you would need data on: the number of people aged 15 years and over O the number of people currently not working and not looking for work O the number of people currently employed the number of people employed and unemployed Screes z019- e) To measure the current market value of the economy's total output we use nominal GDP Ocurrent profits earned by producers of goods and services output when prices are held constant Screen 5 2019-.5. current income received by households Screen Shi 2019-927 PM 2019 224 AM 2019-938 22 90 MacBook Air

Answer 1

a) that country's real gdp per capita

To measure economic growth gdp adjusted for inflation and population is used.

b) a rate of inflation of 5.0 percent

Inflation = (126-120)*100/120= 5%

c) real gdp grew by 10 percent

Growth rate in real gdp= (1-1.1)*100/1= 10%

d) the number of people employed and unemployed