Economics (6th Edition)
6th Edition
ISBN: 9780134105956
Author: Hubbard
Publisher: PEARSON
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Question
Chapter 21, Problem 21.1.14PA
Sub part (a):
To determine
Consequence of shifting of labor in GDP (Gross Domestic Product ) growth rate of the country.
Sub part (b):
To determine
Consequence of shifting of labor in GDP (Gross Domestic Product) growth rate of the country.
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⦁ Briefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of economic growth compared to nominal GDP? (1.5.0_w.o.r.d.s please)
Briefly discuss five reasons why a rise in real Gross Domestic Product within a country over time does not necessarily mean that living standards have improved.
Q2b: Consider the following data on the Pakistan economy:
Sub-parts to be solved
Nominal GDP GDP Deflator
Year (in billions of rupees) (base year 2012)
2018 21,501 111.4
1998 9,163 76.3
1) What was the growth rate of nominal GDP between 1998 and 2018? (Hint: The growth rate of a variable X over an N-year period is calculated as [(Xfinal/Xinitial)1/N – 1] x 100).
2) What was the growth rate of the GDP deflator between 1998 and 2018?
3) What was real GDP in 1998 measured in 2012 prices?
4) What was real GDP in 2018 measured in 2012 prices?
5) What was the growth rate of real GDP between 1998 and 2018?
6) Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
Chapter 21 Solutions
Economics (6th Edition)
Ch. 21 - Prob. 21.1.1RQCh. 21 - Prob. 21.1.2RQCh. 21 - Prob. 21.1.3RQCh. 21 - Prob. 21.1.4RQCh. 21 - Prob. 21.1.5PACh. 21 - Prob. 21.1.6PACh. 21 - Prob. 21.1.7PACh. 21 - Prob. 21.1.8PACh. 21 - Prob. 21.1.9PACh. 21 - Prob. 21.1.10PA
Ch. 21 - Prob. 21.1.11PACh. 21 - Prob. 21.1.12PACh. 21 - Prob. 21.1.13PACh. 21 - Prob. 21.1.14PACh. 21 - Prob. 21.2.1RQCh. 21 - Prob. 21.2.2RQCh. 21 - Prob. 21.2.3RQCh. 21 - Prob. 21.2.4RQCh. 21 - Prob. 21.2.5PACh. 21 - Prob. 21.2.6PACh. 21 - Prob. 21.2.7PACh. 21 - Prob. 21.2.8PACh. 21 - Prob. 21.2.9PACh. 21 - Prob. 21.2.10PACh. 21 - Prob. 21.2.11PACh. 21 - Prob. 21.2.12PACh. 21 - Prob. 21.2.13PACh. 21 - Prob. 21.2.14PACh. 21 - Prob. 21.2.15PACh. 21 - Prob. 21.2.16PACh. 21 - Prob. 21.2.17PACh. 21 - Prob. 21.3.1RQCh. 21 - Prob. 21.3.2RQCh. 21 - Prob. 21.3.3RQCh. 21 - Prob. 21.3.4PACh. 21 - Prob. 21.3.5PACh. 21 - Prob. 21.3.6PACh. 21 - Prob. 21.3.7PACh. 21 - Prob. 21.3.8PACh. 21 - Prob. 21.3.9PACh. 21 - Prob. 21.3.10PACh. 21 - Prob. 21.1RDECh. 21 - Prob. 21.2RDECh. 21 - Prob. 21.3RDE
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