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Consider a Melanesian island nation In the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator ( based on 2005 being the base year) for the years 2010, 2015 and 2020. Year 2010 2015 2020 Nominal GDP (Smillions) 17500 18222 18755 GDP Deflator 103.7 104.8 105.9 Over each 5-year period, there were no significant changes to government policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% of population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of death decreased to 5%. Questions: What is the percentage change in real GDP per capita for the first five years? What is the percentage change in real GDP per capita for the second five years?

Consider a Melanesian island nation In the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator ( based on 2005 being the base year) for the years 2010, 2015 and 2020. Year 2010 2015 2020 Nominal GDP (Smillions) 17500 18222 18755 GDP Deflator 103.7 104.8 105.9 Over each 5-year period, there were no significant changes to government policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% of population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of death decreased to 5%. Questions: What is the percentage change in real GDP per capita for the first five years? What is the percentage change in real GDP per capita for the second five years?

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
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Consider a Melanesian island nation In the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator ( based on 2005 being the base year) for the years 2010, 2015 and 2020. Year 2010 2015 2020 Nominal GDP (Smillions) 17500 18222 18755 GDP Deflator 103.7 104.8 105.9 Over each 5-year period, there were no significant changes to government policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% of population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of death decreased to 5%. Questions: What is the percentage change in real GDP per capita for the first five years? What is the percentage change in real GDP per capita for the second five years?
Transcribed Image Text:Consider a Melanesian island nation In the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator ( based on 2005 being the base year) for the years 2010, 2015 and 2020. Year 2010 2015 2020 Nominal GDP (Smillions) 17500 18222 18755 GDP Deflator 103.7 104.8 105.9 Over each 5-year period, there were no significant changes to government policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% of population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of death decreased to 5%. Questions: What is the percentage change in real GDP per capita for the first five years? What is the percentage change in real GDP per capita for the second five years?
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