?Question 2.10: Calculate Growth Rate of Real Per Capita GDPNow suppose there are more goods and services and the economy is now open to trade with othercountries. Based on this generated data and since you have already calculated nominal and real GDP, youwill now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, realGDP, GDP deflator (price level), and real GDP per capita for this simple economy. (Round your answer totwo decimal places.)Calculate the Growth Rate of Real Per Capita GDP from 2008 to 2009:Check AnswerYearNominal GDP(Billions of $)Real GDPPopulation(Billions of $)(Million)200714451.915626300.6200814712.815604.7303.4200914448.915208.8306.1201014992.115598.8308.6201115542.615840.7311.120121619716197313.3201316784.916495.4315.5201417527.316912317.7201518224.817403.8319.920161871517688.9322.2201719519.418108.1324.5

Step 1: Real GDP Per Capita:The average economic production per person, adjusted for inflation, is…

Answered: ?Question 2.10: Calculate Growth Rate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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