answer A,B,C and D Reference equation: Real GDP per capita growth rate = Nominal GDP growth rate - Inflation rate - Population growth rate.This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating thisrate. However, the simplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, andpopulation growth are low, and so it is a useful approximation. The table below lists a fictional country's nominal GDP, real GDP, GDPdeflator, and population over two years.YearNominal GDPGDP deflatorReal GDPPopulation(2012 dollars)$1, 000, 000$1, 050, 0002019100$1, 000, 0001, 0002020103$1, 019, 4171, 005a. Verify that the real GDP values in the above table are accurate.Instructions: Round your answers to one decimal place.b. This country's real GDP per capita for 2019 is $This country's real GDP per capita for 2020 is $c. The growth rate in this country's real GDP per capita between 2019 and 2020 is%.d. The growth rate in nominal GDP between 2019 and 2020 is%.The growth rate in the GDP deflator between 2019 and 2020 is|%.The growth rate in the population between 2019 and 2020 is%.

A country’s nominal GDP measures the GDP at the current prices, unadjusted for inflation. Real GDP,…

Year Honinal GDP GDP deflator Real GDP Population $1, 000, 000 $1. 050, 000 (2012 dollars) $1, 000, 000 $1,019, 417 1, 000 1, 005 2019 100 2020 103 a. Verify that the real GDP values in the above table are accurate. Instructions: Round your answers to one decimal place. b. This country's real GDP per capita for 2019 is $ This country's real GDP per capita for 2020 is $ c. The growth rate in this country's real GDP per capita between 2019 and 2020 is %. d. The growth rate in nominal GDP between 2019 and 2020 is |%. The growth rate in the GDP deflator between 2019 and 2020 is %. The growth rate in the population between 2019 and 2020 is %.

Year Honinal GDP GDP deflator Real GDP Population $1, 000, 000 $1. 050, 000 (2012 dollars) $1, 000, 000 $1,019, 417 1, 000 1, 005 2019 100 2020 103 a. Verify that the real GDP values in the above table are accurate. Instructions: Round your answers to one decimal place. b. This country's real GDP per capita for 2019 is $ This country's real GDP per capita for 2020 is $ c. The growth rate in this country's real GDP per capita between 2019 and 2020 is %. d. The growth rate in nominal GDP between 2019 and 2020 is |%. The growth rate in the GDP deflator between 2019 and 2020 is %. The growth rate in the population between 2019 and 2020 is %.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

In 1960 GDP per capita in the Republic of Korea (constant 2015 US$) was $1027. In 2021 it was $32731. Calculate the growth rate of real GDP per capita in the Republic of Korea over this period. Now suppose that the Republic of Korea grows at the same rate for the 70 years following 2021. What will the Republic of Korea real GDP per capitae in the year 2091? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Suppose a country has a real GDP per capita of $68,000 and grows at a constant rate for the next 36 years. How much larger (in percentage terms) is this country if its growth rate is 4.33% instead of 3.13% after 36 years of growth? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
Singapore's real GDP was 412 billion dollars in 2016 and 429 billion dollars in 2017. The population was 5.6 million in 2016 and 5.6 million in 2017. Calculate Singapore's economic growth rate in 2017, the growth rate of real GDP per person in 2017, and the approximate number of years it will take for real GDP per person in Singapore to double if the 2017 economic growth and population growth rates are maintained. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
How large will Canada’s GDP be in 25 years? The answer depends on what the rate of growth in GDP will be over that 25-year period. A mathematical formula we can use for this calculation is the following: GDP2041 = GDP2016 (1 + g)25 where GDP2041 is the level of GDP in the year 2041, GDP2016 is the level of GDP in the year 2016, and g is the rate of growth in GDP. Assume that GDP in 2016 is $1000 million and assume that the value of g is 0.035 (3.5 percent per year). What will be the value of GDP in 2041? Now suppose that the value of g is 0.040 (4.0 percent per year). What will be the value of GDP in 2041 given this slightly larger rate of growth? What does this result say about the importance of policies that promote even slightly faster rates of growth in GDP?
The GDP growth has been limited to 1% in the Ottoman economy in the period of 1820-1913. How can you explain this very poor GDP growth performance? Your arguments must be based on the main structural properties of the Ottoman economy considering the sine qua non conditions of capitalist development linked with the variables of the GDP production function and the main characteristics of the Ottoman economy in the 19th century.
A mathematical approximation called t he rule of 70 tells us that the number of years that it will take something that is growing to double in size is approximately equal to the number 70 divided by its percentage rate of growth. Thus, if Mexico’s real GDP per person is growing at 7 percent per year, it will take about 10 years (= 70 / 7) to double. Apply the rule of 70 to solve the following problem. Real GDP per person in Mexico in 2005 was about $11,000 per person, while it was about $44,000 per person in the United States. If real GDP per person in Mexico grows at the rate of 5 percent per year, about how long will it take Mexico’s real GDP per person to reach the level that the United States was at in 2005? (Hint: How many times would Mexico’s 2005 real GDP per person have to double to reach the United States’ 2005 real GDP per person?)
The horizontal axis of the figure below shows log of real personal income per person in 1880 for 47 U.S. states. The vertical axis shows the average annual growth rate of real personal income per capita for each state from 1880 to 2000. The two-letter abbreviation identifies the state. The solid line is the straight line that provides the best fit to the relation between the growth rate of income per person and the level of income per person in 1880. Based on this figure, discuss whether the U.S. states do or do not exhibit convergence. Explain.
Gross domestic product per capita is the ratio of total gross domestic product to population.gross domestic product, a unit of timemonetary value of the final goods and services produced in the economy (let be in TL) and population, unitaccording to the number of people in that economy at the time,a) write down the unit of measure and size of the gross domestic product variable per capita. b) what is the relationship between gross domestic product per capita, total gross domestic product and population growth?Express your conclusions in a sentence by making inference
Please summarize and do the key findings of the Reviving Growth report (WORLD BANK EAST ASIA AND THE PACIFIC ECONOMIC UPDATE APRIL 2023)
Turkish growth performance in 1980’s Compare the period of 1981-1989 with the period of 1990-2002 according the growth performance realized in each of these periods: First, complete the table presented below and then explain the differences observed regarding Log K, Log L and Log A (TFP) and finally Log Y as a result; you have to consider the economic particularities of each period. Log K Log L Log A Log Y 1981-1989 1990-2002
Need help ASAP. 1. Assume that "A" represents your father's birth year. (Note: “A” is used only to individualize the question for each student). Calculate the average annual growth rate of GDP per capita in Turkey as a percentage between A and 2020, clearly showing the source from which you obtained the GDP figures(my father birth year is 1961)
Assess one (1) problem associated with using gross domestic product as an indicator of economic growth.