All question explain A, B and 19, 20 21, full explain EconomicsFrom 2009 to 2010, nominal gross domestic product (GDP) in the United States grewby 4 percent. Given that the population grew by 1 percent and price level grew by 1.8percent, calculate the growth rate of real GDP per capita.%Answer: The growth rate of real GDP per capita =In 2020, real GDP per capita in country A is $9,000. By 2021, real GDP per capitaincreases to $10,520. Suppose country A maintains the same economic growth rate.How long will it take for real GDP per capita to double according to the rule of 70?(Round your answer to nearest 1 decimal place.)Answer: It will takeyears for real GDP per capita to double. Suppose that real GDP per capita of country A doubles in 20 years. The annualpopulation growth rate is 1%. Price level increases by 2% every year.Use the given information to answer questions 19-23.Question 19Using the rule of 70, Calculate the annual economic growth rate of country AAnswer: The annual economic growth rateQuestion 20Find the annual inflation rate.Answer: The annual inflation rate=Question 21Calculate the annual growth rate of nominal GDP of country A.Answer: The annual growth rate of nominal GDP-

Real GDP = (Nominal GDP / Price level)*100 => % change in Real GDP = % change in nominal GDP - %…

Economics From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 4 percent. Given that the population grew by 1 percent and price level grew by 1.8 percent, calculate the growth rate of real GDP per capita.

Economics From 2009 to 2010, nominal gross domestic product (GDP) in the United States grew by 4 percent. Given that the population grew by 1 percent and price level grew by 1.8 percent, calculate the growth rate of real GDP per capita.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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