In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 166 index points and per capita nominal GDP was $51,400. In January 1950, the CPI was at its lowest at 85 index points. Per capita nominal GDP in 1950 was $9,700. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was (Round your response to one decimal place.)

In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 166 index points and per capita nominal GDP was $51,400. In January 1950, the CPI was at its lowest at 85 index points. Per capita nominal GDP in 1950 was $9,700. Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars. For 1950, real GDP per capita (in 2013 dollars) was (Round your response to one decimal place.)

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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For 1950, real GDP per capita (in 2013 dollars) was___usd?

In May 2013, the value of the Consumer Price Index (CPI) in a certain country, Polonia, reached an all-time high of 166 index points and per capita nominal GDP was
$51,400. In January 1950, the CPI was at its lowest at 85 index points. Per capita nominal GDP in 1950 was $9,700.
Calculate real GDP per capita for 1950 by converting that year's nominal GDP per capita into current (2013) dollars.
For 1950, real GDP per capita (in 2013 dollars) was
(Round your response to one decimal place.)

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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