A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDPincreased by 2 % per year and prices incrcased 1,2 % per year. What was the annual growthrate (%) of real GDP in this 10-year period? Knowing this growth rate, what was real GDP inyear 2010 using constant prices (base year 2000)?

Nominal GDP measures a country's gross domestic product using current prices or market value of…

A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDP increased by 2 % per year and prices increased 1,2 % per year. What was the annual growth rate (%) of real GDP in this 10-year period? Knowing this growth rate, what was real GDP in year 2010 using constant prices (base year 2000)?

A country's nominal GDP was 10 billion euros in year 2000. In the next ten years, nominal GDP increased by 2 % per year and prices increased 1,2 % per year. What was the annual growth rate (%) of real GDP in this 10-year period? Knowing this growth rate, what was real GDP in year 2010 using constant prices (base year 2000)?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter5: National Income Accounting

Section: Chapter Questions

Problem 3E

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