EP ECONOMICS,AP EDITION-CONNECT ACCESS
20th Edition
ISBN: 9780021403455
Author: McConnell
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 26, Problem 4P
To determine
Annual rate of economic growth .
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Last year real GDP in the imaginary nation of Olympus was 445.0 billion and the population was 2.2 million.
The year before, real GDP was 390.0 billion and the population was 2.1 million. What was the growth rate
of real GDP per person during the year?
14.1 percent
O 0.09 percent
O 1.09 percent
8.9 percent
- 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
The nominal U.S. GDP per capita was about $23,954 in 1990 and $48,375
in 2010. The GDP deflator of 2010 against 1990 was about 1.5159. What is
the average annual growth rate of real GDP per capita during 1990-2010
approximately?
O 1.44%
O 2.33%
O 2.02%
O 1.98%
Chapter 26 Solutions
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- Question Approximately how long will it take Ethiopia to double its real GDF per person of S100 if its growth rate of real GDP per person is 0.9 63 years 77.7 years 70 years 109 years 100 years If Country A's real GDP grows at a rate of 14 percent per year, how many years will it take for Country A's real GDP to double? 10 7 5 30 14 Labor productivity is defined as total real GDP. real GDP per person. total output multiplied by total hours of labor. real GDP per hour of labor. hours of work per person. An increase in labor productivity increases the standard of living. decreases the standard of living. might be the result of an increase in the quantity of labor. generally occurs when physical capital decreases because firms must then hire more workers. cannot occur without a corresponding increase in employment. Last year, in a nation far to the South, real GDP was $90 million 900.000 workers were employed. This year real GDP is $100 million. 950.000 workers are…arrow_forwardConsider the economies of Tralfamadore and Sporon, both of which produce agricultural products using only land and labour. The following tables show the supply of land, population size, and real GDP for these two economies from 2020 to 2023. Complete the last column of the following two tables by calculating real GDP per capita for the two economies. Tralfamadore Land Real GDP (Dollars) Real GDP per Capita (Dollars) Year (Hectares) Population 2020 20,000 500 4,500 2021 20,000 1,000 10,000 2022 20,000 1,500 16,500 2023 20,000 2,000 24,000 Sporon Land Real GDP Real GDP per Capita (Dollars) Year (Hectares) Population (Dollars) 2020 20,000 1,000 15,000 2021 20,000 2,000 28,000 2022 20,000 3,000 36,000 2023 20,000 4,000 40,000 Rapid population growth tends to threaten economic growth in economies with higher or lower land-labour ratios.arrow_forwardIn a steady-state economy (i.e., the economy is at steady-state equilibrium) with 1% population growth rate, capital per worker is 86, the saving rate is 25 percent, and the depreciation rate is 11 percent. The level of output per worker is approximately O 47 35 195 O 41arrow_forward
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