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Part 1(1 pt) See Hint Suppose that nominal GDP was $9500000.00 in 2005 in Orange County California. In 2015, nominal GDP was $11750000.00 in Orange County California. The price level rose 2.00% between 2005 and 2015, and population growth was 3.50%. Calculate the following figures for Orange County California between 2005 and 2015. a. Nominal GDP growth was See Hint b. Economic growth was See Hint c. Inflation was

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Answer #1

a. Ans: 23.86%

Explanation:

Nominal GDP growth = [(11750000.00 - 9500000.00) / $9500000.00] * 100 = 23.68%

b. Ans: 18.18%

Explanation:

Economic growth = %Δ in nominal GDP − %Δ price level − %Δ population

                            = 23.68 % - 2.00% - 3.50%

                            = 18.18%

c. Ans: 2.00%

Explanation:

The % change in price level is known as inflation. So, inflation is 2.00%.

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