**Title: Economic Output Calculation****Description:****How much more (or less) output will the average American have next year if the $18 trillion GDP grows (or contracts) by:***Assume a population of 320 million.**If the economy contracts, be sure to put a (-) in front of your answer.*a. **2 percent?** b. **5 percent?** c. **-1 percent?***Note: Students are required to calculate the change in GDP per person based on different growth scenarios.*---**Instructions for Students:**1. Calculate the change in total GDP for each scenario.2. Divide the change in GDP by the population to find the change per person.3. Make sure to indicate a contraction with a negative sign as instructed.

Answer: Given, Initial GDP = $18 trillion Population = 320 million To find the initial average…

Answered: How much more (or less) output will the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How much more (or less) output will the average American have next year if the $18 trillion GDP grows (or contracts) by: Assume a population of 320 million. If the economy contracts, be sure to put a (-) in front of your answer. a. 2 percent? b. 5 percent? c. -1 percent?