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 5RQ
To determine
Relevance of total GDP.
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Students have asked these similar questions
6. LO 2 Suppose that z, the marginal product of efficiency units of labour, increases in the
endogenous growth model. What effects does this have on the rates of growth and the
levels of human capital, consumption, and output? Explain your results.
If Real GDP was $9,542 billion in year 2 and it had been $9,300 billion in year 1, what was the approximate economic growth rate during this time period?
Select one:
O a.
9.7 percent
O b. 2.4 percent
O c. 3.5 percent
O d. 2.6 percent
OC 7.5%.
O D. 6.67%.
O E. -3%.
QUESTION 20
Suppose that a simple economy produces only the goods and services shown in the table. Assume all of the strawberries are used in the production of strawberry jam. Using the information in the
table, nominal GDP for this simple economy equals
Product
Quantity
Price
Strawberries
250
$1.00
Strawberry jam
30
4.00
Second hand cars
10
950.00
Tablets
85
210.00
Shirts
60
18.00
O A. $19,300.
O B. $19,050.
OC. $28,800.
O D. $28,550,
O E. 435 units.
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Chapter 26 Solutions
EP ECONOMICS,AP EDITION-CONNECT ACCESS
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- Assume that real GDP per capita in Country X is currently $50,000 per person. Also, assume that real GDP per capita in Country X grows at a rate of 2% per year. Rounding to the nearest 2 decimals, the real GDP per person in Country X in 10 years will be approximately 3.7 points Save Answ O a. $66,124 O b. $60,000 O. $58,272 Od. $61,000arrow_forwardLast 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%arrow_forwardUsing the table, what is the real GDP growth from 2001 to 2002? O 50% YEAR O 1.25% 2001 2002 O-11.11% QUANTITY APPLES 100 150 BANANAS APPLES 40 $0.50 60 $1.00 PRICES BANANAS $2.50 $1.00arrow_forward
- Labor productivity can best be defined as the ratio of workers in the economy to the population. the ratio of the change in the output of goods and services to the change in the labor hours used. the ratio of the number of workers available to the amount of capital available. the ratio of output of goods and services to the labor hours devoted to that output. Based on the graph, how is the relationship between labor productivity and real GDP per capita best described? O positive O negative infinite unrelatedarrow_forwardLast 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 percentarrow_forwardThe 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%arrow_forward
- QUESTION 11 Using the Rule of 70, a country will roughly double its GDP in thirty-five years if its annual growth rate is However, if its annual growth rate is 5%, its GDP will roughly double in O 2 percent; 14 years O 7.5 percent; 10 years O 3.5 percent; 5 years O 2.5 percent; 25 yearsarrow_forwardSuppose the GDP deflator was 200 in 2008 and 190 in 2009. In addition, nominal GDP was 1% lower in 2009 than in 2008. Given this information, the approximate. rate of real GDP growth in 2009 was: O 3% 4% O 5% 6%arrow_forwardFind the growth rate of an economy if it's gross domestic product rose from $500,000 to $880,000 from 1998 to 1999. O 76% O 43% O 275% O 156%arrow_forward
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