Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 4 2 2 3 -1 4 4 5 6 a. What was the average of these growth rates in Econoland over these five years? ________ percent b. What term would economists use to describe what happened in year 3? c. If the growth rate in year 3 had been a positive 4 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? __________ percent

Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 4 2 2 3 -1 4 4 5 6 a. What was the average of these growth rates in Econoland over these five years? percent b. What term would economists use to describe what happened in year 3? c. If the growth rate in year 3 had been a positive 4 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? __ 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

See similar textbooks

Similar questions

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?
Although economic growth is typically measured by calculating the rate of changein real GDP, there are a few problems associated with the use of GDP as ameasure of economic growth.Identify these problems.(4)Q.3.2 Economic growth can originate from the demand side or from the supply side ofthe economy. Discuss the sources of economic growth on the demand side.
Answer the below questionsa. What do you understand by Real GDP? What is the Real GDP Growth Rate of India and China in 2019? What is the estimated real GDP growth rate of India and China in 2020? What is the projected real GDP growth rate of India and China in 2020 and 2022?b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels (January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina?
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…
a. What do you understand by Real GDP? What is the Real GDP Growth Rate of India andChina in 2019? What is the estimated real GDP growth rate of India and China in 2020?What is the projected real GDP growth rate of India and China in 2021 and 2022? b. What is the estimated 2022 GDP Loss (in percentage) in comparison to pre-covid levels(January 2020 forecast) in China and Other Emerging Economies in Asia other thanChina
14)Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows: Year Growth Rate (%) 1 3 2 1 3 – 2 4 4 5 5 Instructions: Round your answers to 2 decimal places. a. What was the average of these growth rates in Econoland over these 5 years? b. What term would economists use to describe what happened in year 3? (Click to select) Expansion Recession c. 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?
Suppose that the US government sets an economic goal to increase the Real GDP (base=2022) from $25,464 billion dollars to $38,196 billion dollars with an aggresive average annual rate of growth of 3%. How many years should it take for the US Economy to achieve this economic goal? Round up your answer to a whole number of years.
Pease note quesition 1 is answered it is only attached for you to see it as it contains relevant informaition. Please answer quesition 2! Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period? The GDP of year 1 is $1,600. The GDP of year two is $2,100. The rate of economic growth is 31.25% Monetary development must be supported just when endogenous elements experience an expansion in their efficiency. Work efficiency is dictated by the gathering of human capital in an economy. The more prominent the interest in human capital arrangement, the higher is the information arrangement and…
Suppose that a country's annual growth rates were 5, 3, 4 , -1 , -2 , 2 , 3 , 4, 6, and 3 in yearly sequence over a 10 - year period . a ) What was the country's trend rate of growth over this period ? b ) Which set of years most clearly demonstrates an expansionary phase of the business cycle ? c ) Which set of years best illustrates a recessionary phase of the business cycle ?
Consider an economy with a Cobb-Douglas production function with α = 1/3 that begins in steady state with a growth rate of technological progress of g of 2 percent. Consider what happens when g increases to 3 percent. (a) What is the growth rate of output per worker before the change? What happens to this growth rate in the long run? (b) Perform a growth accounting exercise for the economy, decomposing the growth rate in output per capita into components contributed by capital per capita growth and technology growth. What is the contribution of the change in g to output per capita growth according to this formula? (c) In what sense is the growth accounting result in part b producing a misleading picture of this experiment? Explain why this is the case.
9 Imagine a country where Real GDP per person was equal to $650 in 1870 and it grew at an annual rate of 6%. (a) What is the value of this country's real GDP after 12 years? (b) What is the value of this country's GDP after 24 years? For full credit you must clearly label your answers to part (a) and (b) of this question. You only have to give the value of real GDP for each part - no explanation is required. Your answer should look like the following (where "XXXX" is the value of real GDP after 12 years and "YYYY" is the value of real GDP after 24 years. (a) $XXXX (b) $YYYY