Suppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in 2018 was 150 and in 2019 it was 153. The population in 2018 was 2,580 and in 2019 it was 2,600. Calculate Real GDP and Real GDP per capita in each year. Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. Describe why the growth rates so different?

Suppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in 2018 was 150 and in 2019 it was 153. The population in 2018 was 2,580 and in 2019 it was 2,600. Calculate Real GDP and Real GDP per capita in each year. Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. Describe why the growth rates so different?

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 8SQP

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