The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Real GDP Population Real GDP per (millions of (thousands of Capita (dollars) Year dollars) people) $25, 903 28,768 31,916 1 $5,595 216 6, 329 220 3 7,245 227 Instructions: Round your answers to 1 decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: Population: 1% Standard of living: c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 32P: In 1980, Denmark had a GDP of 70 billion (measured in U.S. dollars} and a population of 5.1 million....
Question
The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands.
Real GDP and Population over Time
Population
(thousands of
Real GDP per
Capita
(dollars)
Real GDP
(millions of
dollars)
$5,595
6,329
7,245
Year
people)
$25,903
216
220
28,768
227
31,916
Instructions: Round your answers to 1 decimal place.
a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita)
between year 1 and year 2.
Real GDP:
Population:
Standard of living:
b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2
and year 3.
Real GDP:
Population:
Standard of living:
1%
c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between
year 2 and year 3.
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Transcribed Image Text:The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands. Real GDP and Population over Time Population (thousands of Real GDP per Capita (dollars) Real GDP (millions of dollars) $5,595 6,329 7,245 Year people) $25,903 216 220 28,768 227 31,916 Instructions: Round your answers to 1 decimal place. a. Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2. Real GDP: Population: Standard of living: b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3. Real GDP: Population: Standard of living: 1% c. The standard of living in the economy of Highlands between year 1 and year 2 grew (Click to select) the standard of living between year 2 and year 3. < Prev ... 4 of 5 Next > e to search
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