a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? |(Click to select) ♥ c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent

a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? |(Click to select) ♥ c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these 5 years? What term would economists use to describe what happened in year 3?
Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, −2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these five years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate?
11) The relationship between the growth rate of an economic variable, gt, and its level, yt, can be approximated by A) gt = yt - yt - 1. B) gt = logt - log yt - 1. C) yt = log gt - log gt - 1. D) log gt = yt - yt - 1. 12) The business cycle component of the log of real per-capita GNP is equal to A) log of actual real GNP - log of trend GNP. B) log of trend GNP ÷ log of actual real GNP. C) log of trend GNP - log of actual real GNP. D) log of actual real GNP ÷ log of trend GNP. 13) For the study of economic growth, it is most helpful to examine movements in ________; for the study of business cycles, it is most helpful to examine movements in ________. A) trend GNP; trend GNP B) trend GNP; deviations from trend in GNP C) deviations from trend in GNP; trend GNP D) deviations from trend in GNP; deviations from trend in GNP 14) Over the twentieth century, growth in per-capita GNP was highest A) immediately prior to the Great…
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How large will Canada’s GDP be in 25 years? The answer depends on what the rate of growth in GDP will be over that 25-year period. A mathematical formula we can use for this calculation is the following: GDP2041 = GDP2016 (1 + g)25 where GDP2041 is the level of GDP in the year 2041, GDP2016 is the level of GDP in the year 2016, and g is the rate of growth in GDP. Assume that GDP in 2016 is $1000 million and assume that the value of g is 0.035 (3.5 percent per year). What will be the value of GDP in 2041? Now suppose that the value of g is 0.040 (4.0 percent per year). What will be the value of GDP in 2041 given this slightly larger rate of growth? What does this result say about the importance of policies that promote even slightly faster rates of growth in GDP?
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The economy produces only two general types of products: Apples, and Bananas. Price and Quantity information of these items over a period are shown below: Year 2019 Year 2020 Product Output Average Price per Unit Output Average Price per Unit Apples 14 $5 12 $16 Bananas 14 $20 14 $20 Using year 2020 as the base year, Growth rate of Nominal GDP from year 2019 to year 2020 is ______%. (Cut off at the first decimal point. eg: Suppose that your calculated answer is 9.98, then, write 9.9.)
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20 Macroeconomic Information for Mexico: 2020 Q2 GDP (in 2020 Q2 pesos) 4.97 trillion pesos 2020 Q1 GDP (in 2020 Q1 pesos) 6.09 trillion pesos 2020 Q2 GDP (in 2015 pesos) 3.76 trillion pesos 2020 Q1 GDP (in 2015 pesos) 4.54 trillion pesos Calculate Mexico's real GDP growth rate between the first and second quarters of 2020. (Enter your answer in percent form, rounded to one decimal place, without the percent sign. For example, if your answer is 0.12345, enter 12.3.) 21 Macroeconomic Information for Mexico: 2020 Q2 GDP (in 2020 Q2 pesos) 4.97 trillion pesos 2020 Q1 GDP (in 2020 Q1 pesos) 6.09 trillion pesos 2020 Q2 GDP (in 2015 pesos) 3.76 trillion pesos 2020 Q1 GDP (in 2015 pesos) 4.54 trillion pesos Calculate Mexico's inflation, using the GDP deflator method, between the first and second quarters of 2020. (Enter your answer in percent form, rounded to one decimal place, without the percent sign. For example, if your…
Suppose that the residents of Windhoek spend all of their income on cauliflower, broccoli and carrots. In 2019 they buy 100 heads of cauliflower for N$2000, 50 bunches of broccoli for N$750 and 500 carrots for N$500. In 2020 they buy 75 heads of Cauliflower for N$2250, 80 bunches of broccoli for N$1200 and 500 carrots for N$1000. Suppose that the base year is 2019. (d) Find real growth rate (e) Which do you think has a greater effect on the CPI: a 10 percent increase in the price of chicken or a 10 percent increase in the price of cars? Why?