Table 23.1: Vital Economic Statistics for An Earthly EconomyNominalRGDPTotalGDPPricePopulationYear($ Billion)Index(in Million)7$5,000.00119129.006.$4,900.00117128.505.$4,950.00114128.164$4,890.00110127.45Refer to Table 23.1. Real GDP per person dropped by aboutin Year 6.O 3.50%3.80%O 3.70%3.60%

The formula is:Real GDP =( Nominal GDP/Price index)*100Real GDP in year 6=(4900/117)*100=4188.03419…

Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) $5,000.00 119 129.00 $4,900.00 117 128.50 $4,950.00 114 128.16 $4,890.00 110 127.45 Refer to Table 23.1. Real GDP per person dropped by about in Year 6. O 3.50% O 3.80% O 3.70% O 3.60% 654

Table 23.1: Vital Economic Statistics for An Earthly Economy Nominal RGDP Total GDP Price Population Year ($ Billion) Index (in Million) $5,000.00 119 129.00 $4,900.00 117 128.50 $4,950.00 114 128.16 $4,890.00 110 127.45 Refer to Table 23.1. Real GDP per person dropped by about in Year 6. O 3.50% O 3.80% O 3.70% O 3.60% 654

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Table 23.1: Vital Economic Statistics for An Earthly Economy
Nominal
RGDP
Total
GDP
Price
Population
Year
($ Billion)
Index
(in Million)
7
$5,000.00
119
129.00
6.
$4,900.00
117
128.50
5.
$4,950.00
114
128.16
4
$4,890.00
110
127.45
Refer to Table 23.1. Real GDP per person dropped by about
in Year 6.
O 3.50%
3.80%
O 3.70%
3.60%

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