Reference equation: Real GDP per capita growth rate Nominal GDP growth rate - Inflation rate - Population growth rate. This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating this rate. However, the simplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, and population growth are low, and so it is a useful approximation. The table below lists a fictional country's nominal GDP, real GDP, GDP deflator, and population over two years. Year Nominal GDP GDP deflator Real GDP Population $1,000,000 $1,060,000 (2012 dollars) $1,000,000 $1,039, 216 2019 100 1,000 1,005 2020 102 a. Verify that the real GDP values in the above table are accurate. Instructions: Round your answers to one decimal place. b. This country's real GDP per capita for 2019 is $ 1000 This country's real GDP per capita for 2020 is $ 1004.59 c. The growth rate in this country's real GDP per capita between 2019 and 2020 is 0.46 %. d. The growth rate in nominal GDP between 2019 and 2020 is The growth rate in the GDP deflator between 2019 and 2020 is The growth rate in the population between 2019 and 2020 is

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.