Additional Problem AIn 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500.From 2011 to 2012 real GDP per person in Maconia grew by 5%. In 2012 it had a population of8,400. To the nearest dollar what was real GDP in Maconia in 2012?I. 216,815II. 221,025III. 226,416

Real GDP refers to such measurement of economic output which takes into consideration the effects of…

Answered: In 2011, the imaginary nation of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In 2011, the imaginary nation of Maconia had a population of 8,200 and real GDP of 210,500. From 2011 to 2012 real GDP per person in Maconia grew by 5%. In 2012 it had a population of 8,400. To the nearest dollar what was real GDP in Maconia in 2012? I. 216,815 П. 221,025 III. 226.416