EBK ECONOMICS TODAY
18th Edition
ISBN: 9780133920116
Author: Miller
Publisher: YUZU
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Question
Chapter 9, Problem 12P
To determine
The percentage change in per capita real GDP.
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Students have asked these similar questions
South Africa has a GDP of $10 billion (measured in U.S. dollars) and a population of 45 million. Ecuador has a GDP of $12 billion (measured in U.S. dollars) and a population of 4.5 million. Calculate per capita GDP for each country.
Question 24 options:
South Africa = $222.22; Ecuador = $2,666.67
South Africa = $22.22; Ecuador = $266.67
South Africa = $2222.22; Ecuador = $26,666.67
South Africa = $22.22; Ecuador = $2,666.67
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
One way to measure a country’s economy is per capita gross domestic product, or per capita GDP. This is the value of all the products and services produced in a country over the course of a year divided by its population.
If the United States had a per capita GDP of $60,700 and the population was about 322 million, which of the following is a reasonable estimate for the GDP of the United States?
i.
$20 billion
ii.
$1.2 trillion
iii.
$30 trillion
iv.
$20 trillion
v.
$30 billion
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- The following table gives nominal GDP, real GDP, and the population for two years. Find per capita real GDP in each year and fill in the table. (Round your answers to two decimal places.) Year Nominal GDP Real GDP Per Capita Real GDP Population 2010 7,800 7091 100 2011 8,190 7000 106 The growth rate of real GDP between 2010 and 2011 was %, and the growth rate of per capita real GDP was%. (Round your answers to two decimal places.)arrow_forwardIn 1980 Denmark had a GDP of $70 billion (measured in U.S. dollars) and a population of 5.1 million. In 2000, Denmark had a GDP of $160 billion (measured in U.S. dollars) s and a population of 5.3 million. By what percentage did Denmark’s GDP per capita rise between 1980 and 2000?arrow_forwardAn imaginary country, Imaginaria, reports a nominal GDP of $279.6B in 2016. The population that year was 55 million. The country paid $36.4B in net international income to the rest of the world in 2016. Finally, Imaginaria’s dollar was worth $1.22 USD in the same year. What was Imaginaria’s per capita GDP in 2016? What was Imaginaria’s per capita GDP in US dollars in 2016? What was the country’s GNI in 2016 (in it’s own dollars)?arrow_forward
- As you learned in the most recent chapter, GDP is the broadest measure of economic health in the U.S. Therefore, the discussion forum for the week will ask you to discuss GDP in your own words. Specifically, Business leaders, Government officials, and investors are often fixated on GDP results and economic growth. Why? What does it matter? The same level of interest is given to productivity. What is it and why does it matter in the scheme of things? What does GDP fail to tell us?arrow_forwardBased on the GDP information in the table below for 2 countries: Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000 Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.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_forward
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- 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_forwardThe following table shows the composition of GDP in 2015 for a hypothetical country. Complete the table by recording values for GDP, residential investment, and net exports. (Enter your responses as integers and use minus signs if necessary.) The Composition of GDP, 2015 GDP (Y) 1 Consumption (C) 2 Investment (/) 3 4 Nonresidential Residential Government spending (G) Net exports Exports (X) Imports (IM) 5 Inventory investment Billions of Dollars 12,438 2,671 2,206 3,102 1,963 2,265 - 87arrow_forward
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