The U.S. gross federal debt was $5,674.2 in 2010 and $14,025.2 billion in 2020. The GDP was $9,872.9 billion in 2010 and $14,871 billion in 2020. The consumer price index (based on 1982-1984 = 100) was 174.0 in 2010 and 219.2 in 2020. The population was 281.4 million in 2010 and 308.7 million in 2020. These are all year-end figures. Calculate and discuss the following: a) the rate of growth of the national debt over the decade. b) the rate of growth of the national debt in constant dollars. c) the rate of growth of the ratio of debt to GDP. d) the rate of growth of the debt, in constant dollars, per person. e) Comparing these rates, does it appear to you that the debt grew quickly, moderately, or slowly over the decade between 2010 and 2020?

The U.S. gross federal debt was $5,674.2 in 2010 and $14,025.2 billion in 2020. The GDP was $9,872.9 billion in 2010 and $14,871 billion in 2020. The consumer price index (based on 1982-1984 = 100) was 174.0 in 2010 and 219.2 in 2020. The population was 281.4 million in 2010 and 308.7 million in 2020. These are all year-end figures. Calculate and discuss the following: a) the rate of growth of the national debt over the decade. b) the rate of growth of the national debt in constant dollars. c) the rate of growth of the ratio of debt to GDP. d) the rate of growth of the debt, in constant dollars, per person. e) Comparing these rates, does it appear to you that the debt grew quickly, moderately, or slowly over the decade between 2010 and 2020?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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