2. 1. Suppose the real GDP and the population of an economy in three different years were those shown in the following table. Real Year Population, Per GDP, million capita billions real of GDP dollars 1 30 $9 $300 2 60 24 3 90 45 | |
2. 1. Suppose the real GDP and the population of an economy in three different years were those shown in the following table. Real Year Population, Per GDP, million capita billions real of GDP dollars 1 30 $9 $300 2 60 24 3 90 45 | |
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![2. 1. Suppose the real GDP and the population of an economy in three different years were those shown in the following table.
Real
Year Population,
Per
GDP,
billions capita
real
million
of
GDP
dollars
1 30
$ 9
$300
2 60
24
3 90
45](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ee5e3f1-fc07-45bc-8ff8-d600c53e4d4f%2F6ea1bbec-2504-4159-8d3d-a74771e8b843%2Faqnqd8l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. 1. Suppose the real GDP and the population of an economy in three different years were those shown in the following table.
Real
Year Population,
Per
GDP,
billions capita
real
million
of
GDP
dollars
1 30
$ 9
$300
2 60
24
3 90
45
![How large would the real per capita GDP of the economy be in each of the other three years? Enter your answers in the table
2. The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years.
Quantity Productivity
Year
Real
of labor
of labor
GDP
1
1000 $100
2$
2 1000 105
3
1100 105
1.Compute the economy's real GDP in each of the three years and enter them in the table
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5ee5e3f1-fc07-45bc-8ff8-d600c53e4d4f%2F6ea1bbec-2504-4159-8d3d-a74771e8b843%2F2c5lfg9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:How large would the real per capita GDP of the economy be in each of the other three years? Enter your answers in the table
2. The table below shows the quantity of labor (measured in hours) and the productivity of labor (measured in real GDP per hour) in a hypothetical economy in three different years.
Quantity Productivity
Year
Real
of labor
of labor
GDP
1
1000 $100
2$
2 1000 105
3
1100 105
1.Compute the economy's real GDP in each of the three years and enter them in the table
%24
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