Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP?  Assume that population was 100 in year 1 and 102 in year 2.  What is the growth rate of GDP per capita

Q: Calculate the quarter-over-quarter percentage change in GDP for the last four quarters:…

A: GDP refers to the value of all final goods and services produced in an economy over a given period…

Q: If personal income is the currently the same in two countries "India" and "China," but India has a…

A: Personal income is the amount of money collectively received by the inhabitants of a country.

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: Q4: Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth…

A: Year 1 : Real GDP=$30,000 Year 2 : Real GDP=$31,200 Growth rate of real GDP= [Real GDP(Year2)-Real…

Q: Suppose the following data for the Governments 2010 - 2019 state of economy 2019 2010 Population…

A: Population growth is defined as the enhancement  in the number of people in the population or…

Q: Country alpha and beta initially have the same real GDP per capita. Country Alpha experiences 3%…

A: Initial GDP is assuming as X. GDP growth of alpha can be calculated as follows. New GDP is X1.5126.

Q: real GDP

A: GDP or gross domestic product is the value of the goods & services that are produced within the…

Q: Why do we measure economic growth using Real GDP rather than Nominal GDP

A: Real GDP, It is  the total value of goods and services produced Within a political boundary of a…

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

A: Hey, Thank you for the question. According to our policy we can only answer 3 subparts per question.…

Q: In 2021, a nation’s population was 10 million. Its nominal GDP was $40 billion, and its price index…

A: Economic growth is calculated as a percentage change of real GDP per capita of two countries.

Q: Consider an economy that produces only chocolate bars. In year 1, the quantity produced: is 6 bars…

A: There is an economy that produces only chocolate bars. Year Quantity (in bars) Price (in $) 1 6…

Q: Use the following information to work Problems 1 and 2. China’s growth rate of real GDP in 2005 and…

A: Compounding is a concept in finance, where the initial principal amount invested as well as the…

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: The following table gives nominal GDP, real GDP, and the population for two years. Find per capita…

A: Gross Domestic Product  is the sum of all value added of a given economy. Value added is the…

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: 7.2.5  The measure of GDP for economic growth is not always perfect.  Describe any two problems that…

A: Answer to the question is as follows :

Q: Suppose that real GDP in 2018 is $245,676 million and the population in 2018 is 4.8 million. Real…

A: Real GDP per capita is the ratio of GDP adjusted for inflation to the average population of a…

Q: Briefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of…

A: The given question has been solved below.

Q: From 2010 to 2020, Benin recorded an average economic growth rate of 4% and average labour growth…

A: The Gini coefficient gets used to measure the extent of inequality in an economy by comparing the…

Q: he table above gives the prices and quantities for a fictional country that only produces video…

A: Nominal GDP  = current year output * current year price

Q: Only three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The…

A: Gross domestic product (GDP) at current market prices is referred to as nominal GDP. Nominal GDP…

Q: In 2001, the GDP of China was $6000. Suppose that China has a growth rate of 6.2%. a. What is…

A: The GDP in 2001 was $6,000. Growth rate = 6.2% The future value of GDP can be calculated as: Future…

Q: Which of the following is true of the growth in the U.S. economy from 1950 to 2007? Growth…

A: Countries who do higher investment in research and development are likely to have better standards…

Q: n the year 2015, the real GDP per capita of Italy is $215 billion. In the year 2016, the number is…

A: Real GDP is production of goods and services during an accounting year. it makes adjustments in…

Q: Which of the components of GDP must increase if we are to experience greater rates of economic…

A: Hello, thank you for the question. Since there are multiple questions posted in the single question,…

Q: Shows how the graph will look for the positive relation between growth rate and standard of living…

A: When a country grows and started producing more output the standard of living for the people's also…

Q: Malaysia’s real GDP was $560 billion in 2010 and $570 billion in 2011. Malaysia’s population was…

A: i. Economic growth rate = {(GDP at present value -GDP at initial value)/ GDP at initial value}* 100…

Q: Suppose the GDP growth resulting from physical capital in an economy is 1%, and the growth resulting…

A: Answer to the question is as follows :

Q: 2001, a country had a real GDP of $30,000,000 and in 2002, real GDP was $40,000,000. What was the…

A: The real GDP is the inflation adjusted level of GDP in the economy. The GDP is the summated money…

Q: A small county wants to increase its real GDP from $18,000 to $36,000. If they want this to happen…

A: If annual average growth rate is g, then Initial GDP x (1 + g)N = New GDP

Q: If economic output is increased by increasing the number of people working in the economy, then *

A: It is said that the economy increases it output , by increasing the labors in the economy .

Q: In 2018, India was the world’s seventh largest economy, with a $2.69 trillion GDP (as measured in…

A: GDP is the indicator utilized across the globe to demonstrate the wellbeing of a country's economy:…

Q: What are the two major determinants of the overall growth of the economy according to the view of…

A: -Economic growth is the increment in the market worth of the labor and products that an economy…

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

A: Since you have posted a question with multiple subparts we will solve first three subparts for you…

Q: If a country has a per capita GDP of $4,200 and it grows at a 5% annual rate. How long will it take,…

A: The economies around the world tend to focus on their economic growth, and development. The nations…

Q: Why would an economist use real GDP rather than nominal GDP to measure growth? Nominal GDP allows…

A: Economic growth refers to an increase in the overall production of final goods and services in an…

Q: Consider three economies,each of which has GDP per capita of $100. Trend growth in these economies…

A: GDP per-capita of the country is $100. Trend growth of Economy 1 = 2%, 2.5% and 5% respectively…