EBK ECONOMICS TODAY
18th Edition
ISBN: 9780133920116
Author: Miller
Publisher: YUZU
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Chapter 9, Problem 13P
To determine
The per capita GDP in year 2016 with the level
of real GDP.
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The table provides some data on real GDP and the population of Pacifica in 2018 and 2019.
What is the economic growth rate in Pacifica in 2019?
Real GDP
Population
(billions)
Year
(billions of dollars)
What is the growth rate of Pacifica's standard of living in 2019?
2018
140,000
350
>>> Answer to 1 decimal place.
2019
154,508
361
The economic growth rate in Pacifica in 2019 is
percent.
The growth rate of Pacifica's standard of living in 2019 is
percent.
Enter your answer in each of the answer boxes.
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Economic growth around the world
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 Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, and it was the poorest economy in the table in the year 2010.
In the year 2015, the real GDP per capita of Italy is $215 billion. In the year 2016, the number is $220 billion. A student claimed that “Italy can double the real GDP in less than 25 years, assuming the growth rate will remain constant from 2015”. Is this true or false?
Choice 1 of 4:False, it will double in about 40 years.Choice 2 of 4:True, it will double in about 20 years.Choice 3 of 4:False, it will double in about 30 years.Choice 4 of 4:True, it will double in about 10 years.
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- Economic growth around the world 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 Niger was $945 in 1960, and it actually declined to $570 by 2010. Niger's average annual growth rate during this period was -1.01%, 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 Real Income per Person in 2010 Annual Growth Rate (Dollars) (Dollars) (Percent) Canada 12,946 35,810 2.06 United Kingdom 11,884 32,034 2.00 Korea 1,610 28,702 5.93 Hong Kong 4,518 44,070 4.66 Guatemala 1,985 3,859 1.34 Niger 945 570 -1.01 Indicate which economy…arrow_forwardSuppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population was 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?arrow_forwardThe following table gives some figures from forecasts of real GDP (in 2005 dollars) and population completed in mid-2014. Value $18,121.00 billion $19,027.05 billion Real GDP 2018 Real GDP 2019 Population 2018 329.00 million Population 2019 332.29 million The real GDP growth rate between 2018 and 2019 will be %. (Round your response to two decimal places.)arrow_forward
- Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?arrow_forwardThe table provides some data on real GDP and the population of Eastiana in 2018 and 2019. What is the economic growth rate in Eastiana in 2019? Real GDP Population (billions) Year (trillons of yen) What is the growth rate of Eastiana's standard of living in 2019? 2018 455,000 650 >>> Answer to 1 decimal place. 2019 496,860 676 The economic growth rate in Eastiana in 2019 is percent. The growth rate of Eastiana's standard of living in 2019 is |percent. Enter your answer in each of the answer boxes. DIl F11 F10 888 F4 F9 F8 吕口 F6 F7 F5 F3 esc F2 F1 & $ 4 T Q tab K G D caps lock C V hift comm command このarrow_forwardA nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2?arrow_forward
- A nation's real GDP was $250 billion in Year 1 and $265 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2? Multiple Choice 15.0 percent 6.0 percent 5.7 percent 1.1 percentarrow_forwardIn 2018, according to the International Monetary Fund, India had the world’s 7th-highest nominal GDP, the 142nd-highest nominal GDP per capita, and the 7th-highest real GDP growth rate. What does each of these indicators tell us about the Indian economy and how life in India compares to life in other countries? India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (142nd-highest nominal GDP per capita), but has a rapidly increasing standard of living (7th-highest real GDP growth rate). India has a huge economy that produces lots of goods and services (142nd-highest nominal GDP per capita), is still fairly poor (7th-highest nominal GDP), but has a rapidly increasing standard of living (7th-highest real GDP growth rate). India has a huge economy that produces lots of goods and services (7th-highest nominal GDP), is still fairly poor (7th-highest real GDP growth rate), but has a rapidly increasing standard of…arrow_forwardThe 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…arrow_forward
- in a given year, suppose the real GDP per capita growth rate is 3.8 percent, the inflation rate is 2 percent, and the population growth rate is 12 percent. What is the nominal GDP growth rate? Multiple Choice 50 percent 38 percent 70 percent 5.8 percentarrow_forwardThe following table gives some figures from forecasts of real GDP (in 2005 dollars) and population completed in mid-2014. Value $18,121.00 billion $19,027.05 billion 329.00 million 332.29 million Real GDP 2018 Real GDP 2019 Population 2018 Population 2019 The real GDP growth rate between 2018 and 2019 will be %. (Round your response to two decimal places.) The population growth rate between 2018 and 2019 will be %. (Round your response to two decimal places.) Per-capita GDP in 2018 is projected to be $ (Round your response to two decimal places.) Per-capita GDP in 2019 is projected to be S|(Round your response to two decimal places.) The per-capita GDP growth rate between 2018 and 2019 will be %. (Round your response to two decimal places.) Enter your answer in each of the answer boxes. lenovo V560arrow_forwardThe following table reports real GDP 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 GDP per person in the Central African Republic was $1,010 in 1960, and it actually declined to $628 by 2010. The Central African Republic's average annual growth rate during this period was -0.95%, and it was the poorest economy in the table in the year 2010. The real GDP-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.arrow_forward
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