2. Briefly comment (80 words or less) on the trend, and how these four series differ. Real GDP per Capita Real GDP per capitafor the US, European Union, China and Other (aggregate for Canada, UK, Japan and Australia over 26 Years (1996-2021) 70,000.00 60,000.00 50,000.00 40,000.00 30,000.00 20,000.00 10,000.00 0.00 1996 1997 1998 1999 2000 2001 2002 2004 2003 2005 2006 2007 2008 2009 Years 2010 2011 2012 2018 2019 REAL GDP PER CAPITA US -REAL GDP PER CAPITA EU -REAL GDP PER CAPITA CHINA-REAL GDP PER CAPITA OTHER 2020 2021 Horizontal (Category) Axis

2. Briefly comment (80 words or less) on the trend, and how these four series differ. Real GDP per Capita Real GDP per capitafor the US, European Union, China and Other (aggregate for Canada, UK, Japan and Australia over 26 Years (1996-2021) 70,000.00 60,000.00 50,000.00 40,000.00 30,000.00 20,000.00 10,000.00 0.00 1996 1997 1998 1999 2000 2001 2002 2004 2003 2005 2006 2007 2008 2009 Years 2010 2011 2012 2018 2019 REAL GDP PER CAPITA US -REAL GDP PER CAPITA EU -REAL GDP PER CAPITA CHINA-REAL GDP PER CAPITA OTHER 2020 2021 Horizontal (Category) Axis

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. A simple economy produces three commodities: beer, cheese, and popcorn. The following data shows total production for this economy in 1999 and 2000: Beer Cheese Popcorn 1999 2000 1999 Quantity 200 300 100 1999 2000 Using 1999 as the base year, complete the following table for the economy: Nominal GDP (a) (b) Nominal GDP Real GDP 10,000 (1) (c) (d) 1999 Price $ 6.00 7.00 7.00 Real GDP (2) (3) GDP Price Index (e) (f) 2000 Quantity 200 300 100 Inflation Growth rate of rate nominal GDP 2. Complete the following table for a simple economy, assuming that 1999 is the base year: GDP Price (g) Index (4) (5) Inflation rate 2000 Price $7.00 9.00 9.00 --- (h) 5% Growth rate of real GDP Growth rate of nominal GDP (6) (i) Growth rate of real GDP 5%
[Related to Don't Let This Happen To You!] Use the data for the country of New Finlandia in the following table to calculate the following: REAL GDP PER CAPITA (2005 PRICES) YEAR 2010 2011 2012 2013 2014 $41,618 42,736 42,145 43,487 43,186 (HINT: Remember from the previous chapter that the average annual growth rate for relatively short periods can be approximated by averaging the growth rates of those years.) a. The percentage increase in real GDP per capita between 2010 and 2014 is %. (Enter your response rounded to two decimal places.) b. The average annual growth rate in real GDP per capita between 2010 and 2014 is %. (Enter your response rounded to two decimal places.)
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Compute: (Refer to the photo below for the given data) GDP NY
7. If a country has a per capita GDP of $3,200 and it grows at a 3.1% annual rate. How long will it take, in years, to double the standard of living in the country as measured by economists? (Round your answer to include 2 decimal places.)
9 Imagine a country where Real GDP per person was equal to $650 in 1870 and it grew at an annual rate of 6%. (a) What is the value of this country's real GDP after 12 years? (b) What is the value of this country's GDP after 24 years? For full credit you must clearly label your answers to part (a) and (b) of this question. You only have to give the value of real GDP for each part - no explanation is required. Your answer should look like the following (where "XXXX" is the value of real GDP after 12 years and "YYYY" is the value of real GDP after 24 years. (a) $XXXX (b) $YYYY
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Question 10: Consider the following data on US GDP Year Nominal GDP GDP deflator (in billions of dollars) (base year 2009) 108.3 73.8 2014 17419 1994 7309 a. What was the growth rate of nominal GDP between 1994 and 2014? b. What was the growth rate of the GDP deflator between 1994 and 2014? c. What was real GDP in 1994 measured in 2009 prices? d. What was real GDP in 2014 measured in 2014 prices? e. What was the growth rate of real GDP between 1994 and 2014? f. Was the growth rate of nominal GDP higher or lower than the growth rate of real GDP? Explain.
The following table shows real GDP per capita for the United States, South Korea, and Chad between 1970 and 2000. All figures are in 1998 U.S. dollars. (image inserted) The (decade-long) economic growth rate for the United States is shown in the second column. For example, from 1970 to 1980, the United States GDP grew from $18,395 to $22,666, an increase of ($22,666−$18,395)/($18,395)=23%. Use this method to fill in the growth rates for South Korea and Chad in the previous table. Enter the growth rates to the nearest whole percentage point. Compare the data for the United States and South Korea between 1970 and 1980. During this period, (South Korea OR The United States) had a higher level of real GDP per capita, while (South Korea OR The United States) experienced a higher growth rate in real GDP per capita. Convergence theory predicts that poor countries will grow more quickly than rich countries. Which one of the following is a reason for this? Rich…
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