2001, a country had a real GDP of $30,000,000 and in 2002, real GDP was $40,000,000. What was the country's economic growth rate from 2001 to 2002?

Q: conomists measure economic growth as the a. percentage change in GDP deflator b. percentage change…

A: An increase in the market value of goods and services over a given period is referred to as economic…

Q: Calculate the growth rate of real GDP, population, and real per capita GDP from year 2 to year 4.

A: We have data for Real GDP and  Population from year 1 to year 5.

Q: In 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million.…

A: Before we solve the above problem, let us first understand some key concepts:  While GDP measures…

Q: What is the relationship between the growth rate of real GDP and the growth rate of real GDP per…

A: Real gross domestic product or real GDP is the value of all goods and services produced by an…

Q: Last year, real GDP in Oceania was $620 billion and the population was 2.3 million. The year before,…

A:

Q: Suppose an economy's real GDP is $ 30,000 in year 1 and $ 31,200 in year 2.  Instructions: In part a…

A: Given: Real GDP in year 1 is equal to $30,000 and real GDP in year 2 is equal to $31,200.

Q: Suppose that work hours in New Zombie are 300 in year 1, and productivity is $14 per hour worked.…

A: Real GDP = total value of final goods and services domestically produced in a year calculated at…

Q: If in 2008 China’s real GDP is growing at 9 percent a year, its population is growing at 1 percent a…

A: The number of years taken to double the GDP per person can be calculated by using the rule of 70.…

Q: Level of GDP in year 0 equals 100. In the next four years rate of nominal annual GDP growth is…

A: Nominal GDP, year 1 = 100 x 1.07 = 107 Nominal GDP, year 2 = 107 x 1.07 = 114.49 Nominal GDP, year 3…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: Labor productivity refers to the economic value an individual or a group of individuals can generate…

Q: Although economic growth is typically measured by calculating the rate of change in real GDP, there…

A: Although economic growth is typically measured by calculating the rate of changein real GDP, there…

Q: If a country were to increase its saving rate, then in the long run it would also increase its…

A: The answer is - Growth rate of productivity

Q: if real GDP increases from $100 bilion to $105 billion, and the population increases from 100…

A: HERE WE CALCULATE THE GROWTH RATE OF REAL GDP BY USING THE GIVEN INFORMATION  WHICH ARE AS FOLLOW-

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given Information: Real GDP in year 1 = $30,000 Real GDP in year 2 = $31,200 Population in year 1 =…

Q: If real GDP was $9,950 billion in Year 2008 and $10,270 billion in Year 2009. What was the rate of…

A: Growth means an increase in real GDP in such a manner that productivity increases and it causes an…

Q: Does a country need to be well endowed with natural resources in order to experience rapid long-term…

A: Economic growth refers to the increase in the amount of goods and services produced in the economy.…

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given: Real GDP in year 1 = $30,000  Real GDP in year 2 = $31,200  Population in year 1 = 100…

Q: In the second half of the twentieth century, Japan experienced exceptional growth. According to…

A:

Q: À nation's real GDP was $300 billion in Year 1 and $309 billion in Year 2. Its population was 120…

A: When the total amount of goods and services produced in the economy by taking into consideration of…

Q: 4.2 I dont understand how im supposed to do this without any numbers to use

A: In this case the rule of 70 is used.The rule of 70 basically estimates the number of years in which…

Q: In 2018, according to the International Monetary Fund, India had the world’s 7th-highest nominal…

A: The real and nominal GDP are the macroeconomic components that show the value of all the final goods…

Q: Calculate the real GDP growth rate for 2019, if real GDP in 2018 is 500 Euros and real GDP in 2019…

A: GDP is the value of final goods and services produced in the country.

Q: Suppose China’s GDP is growing by 7% a year and its population grows by 1% a year. Also suppose that…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year…

A: Rule of 70: - it gives the number of years in which an amount of money gets doubled at a particular…

Q: What does the level of a nation's GDP measure?What does the growth rate of GDP measure?Would you…

A: As per national income accounting, the income earned by an economy during a period can be gauged by…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: The real GDP of a country relies upon the input of labour multiplied by the productivity of labour.…

Q: Suppose that in a particular country, nominal gross domestic product(GDP) grew by 8 percent and the…

A: In an economy, nominal GDP provide information about the total income generated in a specific year,…

Q: Between 1916 and 2016, the average growth rate of real GDP per person in the United States was 2…

A: From this statement we can understand the trend in the economy during 1916 92 2016.

Q: Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2…

A: Here, real GDP per person-year before last year =500000/2=250000 real GDP per person last year…

Q: If real GDP in year 1 is $487 billion and it is $498 billion in year 2, what is the economic growth…

A: The term real GDP is defined as the inflation-adjusted value of all final products or goods and…

Q: Suppose that work hours in New Zombie are 300 in year 1, and productivity is $10 per hour worked.…

A: Real GDP: - it is the inflation-adjusted value of all final goods and services produced in any…

Q: Brazil’s real GDP was 1,520 trillion reais in 2011 and 1,585 trillion reais in 2012. Brazil’s…

A: GDP: The GDP or the gross domestic product can be defined as the value of the final goods and…

Q: How many years will Colombia grow with a GDP of $323 billion dollars at a growth rate of 4%?  7)…

A: The correct answer is given in the second step.

Q: Explain what policies can a government undertake to achieve faster economic growth?

A: In an economy, faster economic growth can be achieved to improve the overall efficiency of markets…

Q: In 2008, the GDP of France was $7900. Suppose that France has a growth rate of 2%. a. What is…

A: GDP in 2008 = $7,900 Growth Rate = 2% per annum The future value can be calculated by the following…