EBK ECONOMICS TODAY
18th Edition
ISBN: 8220100663253
Author: Miller
Publisher: PEARSON
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Question
Chapter 9, Problem 10P
To determine
The growth rate of the economy during the year 2017.
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Suppose that in a particular country, nominal gross domestic product(GDP) grew by 8 percent and the GDP deflator increased by 10 percent. The country's growth rate of real GDP would be approximately equal to?
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Q)1
a) Canada's real GDP was 2,016 billion dollars in 2017 and 2,053 billion dollars in 2018. Canada's population growth rate in 2018 was 0.8 percent. Calculate Canada's economic growth rate and growth rate of real GDP per person in 2018.
b) Calculate the approximate number of years it will take for real GDP per person to double if an economy maintains an economic growth rate of 12 percent a year and a population growth rate of 7 percent a year.
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