Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 7.1, Problem 2ST
To determine
Explain the situation of $0
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Real GDP is GDP adjusted for changes in:
a. production.
b. average wages.
c. unemployment.
d. inflation.
e. interest.
Suppose that real GDP in 2018 is $245,676 million and the population in 2018 is 4.8 million. Real GDP per capita in 2018 is
Explain why per capita real gross domestic product (GDP) is a better measure of a nation's standard of living than GDP.
Chapter 7 Solutions
Macroeconomics
Ch. 7.1 - Prob. 1STCh. 7.1 - Prob. 2STCh. 7.2 - Prob. 1STCh. 7.2 - Prob. 2STCh. 7.2 - Prob. 3STCh. 7.4 - Prob. 1STCh. 7.4 - Prob. 2STCh. 7.4 - Prob. 3STCh. 7 - Prob. 1QPCh. 7 - Prob. 2QP
Ch. 7 - Prob. 3QPCh. 7 - Prob. 4QPCh. 7 - Prob. 5QPCh. 7 - Prob. 6QPCh. 7 - Prob. 7QPCh. 7 - Prob. 8QPCh. 7 - Prob. 9QPCh. 7 - Prob. 10QPCh. 7 - Prob. 11QPCh. 7 - Prob. 12QPCh. 7 - Prob. 13QPCh. 7 - Prob. 14QPCh. 7 - Prob. 1WNGCh. 7 - Prob. 2WNGCh. 7 - Prob. 3WNGCh. 7 - Prob. 4WNGCh. 7 - Prob. 5WNGCh. 7 - Prob. 6WNGCh. 7 - Prob. 7WNGCh. 7 - Prob. 8WNGCh. 7 - Prob. 9WNGCh. 7 - Prob. 10WNGCh. 7 - Prob. 11WNG
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- Between 2000 and 2017, real GDP per person grew, on average, 1% per year in the United States. Did this GDP growth benefit all Americans? What does this tell us about the limitations of GDP as a measure of living standards?arrow_forwardSuppose a country a real GDP of $175. What will the size of the GDP be after 13 years if the economy grows by 2.6% each year? Round your answer to two digits after the decimal without the dollar sign.arrow_forwardFor most high-income countries of the world, GDP _________________ over time. has proven to be stable has risen gradually has declined slightly has sharply risenarrow_forward
- GDP in 1981 was $2.96 trillion. It grew to $3.07 trillion in 1982, yet the quantity of output actually decreased. How is this possible?arrow_forwardGive five reasons why GDP is the most widely used measurement in determining economic growth and development? Explain your answer.arrow_forwardThe Real GDP for a country is $450 million in 2020. The population of the country is 125 million as of 2020. In 2010, the GDP was 4% lower, and the population was 115 million.arrow_forward
- How Real GDP is measured? Explain Real GDP of the United States at present time.arrow_forwardTrue or false: GDP is better indicator of a country as well because it gives a better indication how much money individuals have. If the country is rich but the individuals aren’t, The country cannot be considered Wealthy.arrow_forwardIn 1989, America's GDP per capita was approximately 30,000 (measured in today's dollars). How much higher in percentage terms was America's GDP per capita in 2015?arrow_forward
- What is GDP? What is real GDP ? What is per capita GDP ? Why is our GDP shrinking in the ongoing Corona Virus Crisis? What is a clear indication that the GDP will be decreasing?arrow_forwardExplain the data below and Grenada gdp per capita for 2020 was $9,680, a 10.5% decline from 2019. Grenada gdp per capita for 2019 was $10,816, a 3.14% increase from 2018. Grenada gdp per capita for 2018 was $10,486, a 3.29% increase from 2017. Grenada gdp per capita for 2017 was $10,153, a 5.45% increase from 2016.arrow_forwardGross Domestic Product ( GDP) is limited as a measure of the productivity and output of an economy because it does not measure volunteer time and other goods and services that are not paid for. True or False?arrow_forward
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