2. Using the table below GDP is in $Millions Population is in 1,000's GDP Avg Annual GDP Real Per Population Capita Growth Deflator Year Nominal Growth Real Per Growth Growth 1960 712.0 1970 1,105.0 1980 2,339.0 1990 4,450.0 2000 7,509.0 2010 9,341.0 2,997.9 180,760 205,089 3,805.1 4,067.1 5,426.8 7,509.0 227,726 250,181 282,418 310,106 8,649.1 Table above is in 2000 prices a. Define and Calculate for each period the growth rate for nominal and real GDP. Define and calculate the GDP Deflator for each period. b. Using the GDP deflator, if a person earned a nominal salary of $2,000 in 1970 and $3,000 in 2010 which person earned more income in real terms. c. Define and Calculate the Real per capita GDP for each year. Define and calculate the per capita growth rate for each year. What is the average annual per capita growth rate for each period. d. Using the information you have calculated in parts a,b and c, which period had the best economic performance and why? Specially what is the basis for your conclusion.

2. Using the table below GDP is in $Millions Population is in 1,000's GDP Avg Annual GDP Real Per Population Capita Growth Deflator Year Nominal Growth Real Per Growth Growth 1960 712.0 1970 1,105.0 1980 2,339.0 1990 4,450.0 2000 7,509.0 2010 9,341.0 2,997.9 180,760 205,089 3,805.1 4,067.1 5,426.8 7,509.0 227,726 250,181 282,418 310,106 8,649.1 Table above is in 2000 prices a. Define and Calculate for each period the growth rate for nominal and real GDP. Define and calculate the GDP Deflator for each period. b. Using the GDP deflator, if a person earned a nominal salary of $2,000 in 1970 and $3,000 in 2010 which person earned more income in real terms. c. Define and Calculate the Real per capita GDP for each year. Define and calculate the per capita growth rate for each year. What is the average annual per capita growth rate for each period. d. Using the information you have calculated in parts a,b and c, which period had the best economic performance and why? Specially what is the basis for your conclusion.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter20: Economic Growth In The Global Economy

Section: Chapter Questions

Problem 2P

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Similar questions

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