EBK FOUNDATIONS OF ECONOMICS
EBK FOUNDATIONS OF ECONOMICS
8th Edition
ISBN: 8220103632225
Author: PARKIN
Publisher: PEARSON
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Chapter 21.A, Problem 5IAP
To determine

To compare:

The growth rates of nominal and real GDP in 2016.

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The table attached gives data on the production and prices in a small economy. Use 2012 as the base period. What does nominal GDP equal in 2012? What does nominal GDP equal in 2013? What does real GDP equal in 2013? Calculate the growth rate in real GDP from 2012-2013
In 1950 GDP in the United Kingdom (measured in year 2005 pounds) was £317 billion. In 2000 it was £1,108 billion. Calculate the growth rate of real GDP in the United Kingdom over this period. Now suppose that the United Kingdom grows at the same rate for the 50 years following 2000. What will the UK real GDP be in the year 2050?
Calculate the real GDP for 2011, 2012 and 2013. Also the growth rate in real GDP for 2012 and 2013.
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