EBK ECONOMICS TODAY
18th Edition
ISBN: 9780100663268
Author: Miller
Publisher: YUZU
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Question
Chapter 9, Problem 12P
To determine
The percentage change in per capita real
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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 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.
The following table reports real income per person for several different economies in the years 1960 and 2010. It also gives each economy's average annual growth rate during this period. For example, real income per person in Zambia was $1,412 in 1960, and it actually declined to $1,309 by 2010. Zambia's average annual growth rate during this period was -0.15%, and it was the poorest economy in the table in the year 2010.
The real income-per-person figures are denominated in U.S. dollars with a base year of 2005. The following exercises will help you to understand the different growth experiences of these economies.
Economy
Real Income per Person in 1960 (Dollars)
Real Income per Person in 2010 (Dollars)
Annual Growth Rate (Percent)
Austria
9,773
35,031
2.59
Venezuela
7,307
9,762
0.58
Botswana
468
9,515
6.21
Malaysia
1,624
11,863
4.06
Honduras
1,932
3,146
0.98
Zambia
1,412
1,309
-0.15
Indicate which economy satisfies each of the following…
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- Ethiopia has a GDP of 8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of 9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.arrow_forwardSuppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in 2018 was 150 and in 2019 it was 153. The population in 2018 was 2,580 and in 2019 it was 2,600. Calculate Real GDP and Real GDP per capita in each year. Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. Describe why the growth rates so different?arrow_forward"In 2022, India's GDP was $3, 386.4 billion whereas its GNP was $3, 370.15 billion". Why should India be cautious aboutusing Gross Domestic Product (GDP) as the primary measure of economic growth? A. GDP does not account for thevalue of services, only goods. B. GDP provides an accurate reflection of income inequality. C. GDP does not consider changes in a country's population. D. GDP is unaffected by changes in government policies.arrow_forward
- Compare the nominal GDP growth rates and the real GDP growth rates for 2015, 2016, and 2017. What do you conclude? Which of the two accurately measures the GDP and why?arrow_forwardConsider an economy that produces only chocolate bars. In year 1, the quantity produced is 10 bars and the price is Rs.400 per bar. In year 2, the quantity produced is 12 bars and the price is Rs.500 per bar. In year 3, the quantity produced is 15 bars and the price is Rs.600 per bar. Year 1 is the base year. What is the GDP deflator for year 2? What is the GDP deflator for year 3? What is the percentage growth rate of real GDP from year 2 to year 3?arrow_forwardSuppose that, in year 1, an economy produces 200 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next year, the economy produces 210 golf balls that sell for $3.50 each and 80 pizzas that sell for $9 each. Using year 1 as the base year, the growth rate of real GDP from year 1 to year 2 is ____%arrow_forward
- Consider an economy that produces only chocolate bars. In year 1, the quantity produced: is 6 bars and the price is $6. In year 2, the quality produced is 8 bars and the price is $10. In year 3, the quantity produced is 10 bars and the price is $12. Year 1 is the base year. (A) what is the nominal GDP for each of these three years? (B.) what is real GDP for each of these years? (C.) what is the percentage growth rate of real GDP from year 2 to year 3?arrow_forwardwhich of the below statements about the U.S. GDP do you think is INCORRECT? Group of answer choices India has a GDP that is many times the size of the GDP of Israel. Yet, of the two, Israel is considered to be the richer economy because it has a higher per capita income. GDP may give us a measure of economic prosperity, but it is at best an imperfect measure, since it does not indicate the level of happiness, leisure, literacy, life expentancy, environmental preservation, or other such factors that may improve the quality of human life. China achieved its rapid rate of GDP growth in the 21st century with little, if any, environmental depletion or pollution.arrow_forwardConsider an economy that produces only chocolate bars. In year 1, the quantity produced is 5 bars and the price is Rs.400 per bar. In year 2, the quantity produced is 6 bars and the price is Rs.500 per bar. In year 3, the quantity produced is 7 bars and the price is Rs.600 per bar. Year 1 is the base year. What is the GDP deflator for year 3? What is the percentage growth rate of real GDP from year 2 to year 3?arrow_forward
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