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 a farway country, banana is the most important crop exported to rest of the world. Data about economic indicators for farway country are given in Table 1. Table 1: Macro Economic Indicators of Farway Country (all figures in million $) Year Consumption Expenditure Investment Expenditure Government Expenditure Exports Imports 2012-13 100 20 50 60 70 2013-14 120 25 60 65 75 2014-15 140 30 70 65 78 2015-16 160 28 40 50 75 2016-17 165 25 30 45 75 2017-18 170 24 20 40 80 2018-19 170 20 20 35 80 In recent years, a life style change, leading to more consumption of processed food, than raw food has led to reduction in demand for Bananas for consumption. Since the manufacturing sector in Farway Country is not developed, the country has to import most of its processed food needs, leading to increase in imports. The Government of Farway country is contemplating inviting foreign investors to establish industries to manufacture banana products such as candies,…
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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