Essentials of Economics - Standalone book
Essentials of Economics - Standalone book
10th Edition
ISBN: 9781259235702
Author: Bradley R Schiller, Karen Gebhardt
Publisher: McGraw-Hill Education
Question
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Chapter 2, Problem 3P
To determine

(a)

GDP per capita in the year 2020 if it grows by 0 percent.

To determine

(b)

GDP per capita in the year 2020 if it grows by 2 percent.

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Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2 million. The year before, real GDP was 500.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during the year? O 12% O 10% O 4% 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? LO8.4
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