Table 23.1: Vital Economic Statistics for An Earthly EconomyNominalRGDPTotalGDPPricePopulationYear($ Billion)Index(in Million)$5,000.00119130.00$4,900.00117129.50$4,950.00114129.20$4,890.00110129.10Refer to Table 23.1. Real GDP per person is aboutin Year 4.O $34,464.19O $34,444.19O $34,454.19O $34,434.1915

The formula is: Real GDP=(nominal GDP/ Price index)*100 Real GDP in year 4=(4890/110)*100=4445.45455…

Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) $5,000.00 119 130.00 6. $4,900.00 117 129.50 $4,950.00 114 129.20 4 $4,890.00 110 129.10 Refer to Table 23.1. Real GDP per person is about _____ in Year 4. O $34,464.19 $34,444.19 O $34,454.19 O $34,434.19 159t

Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) $5,000.00 119 130.00 6. $4,900.00 117 129.50 $4,950.00 114 129.20 4 $4,890.00 110 129.10 Refer to Table 23.1. Real GDP per person is about _____ in Year 4. O $34,464.19 $34,444.19 O $34,454.19 O $34,434.19 159t

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 32P: An economy starts off with a GDP per capita of 5,000. How large will the GDP per capita be if it...

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