Using the data in the table below related to nominal GDP, real GDP, and total population, answer the questions for the time period 2010-2019: Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nominal GDP (in Millions) $9,817,000 10,128,000 10,469,000 10,960,000 11,685,000 12,422,000 13,178,000 13,808,000 14,291,000 13,939,000 14,524,000 15,518,000 16,163,000 16,768,000 17,393,000 18,037,000 18,954,000 19,543,000 20,612,000 21,433,000 Real GDP (in Millions) (2012 Base Year) % $13,131,000 13,262,000 13,493,000 13,879,000 14,406,000 14,913,000 15,338,000 15,626,000 15,605,000 15,209,000 15,599,000 15,841,000 16,197,000 16,495,000 % 16,912,000 17,432,000 17,731,000 18,144,000 18,688,000 19,092,000 Population (in Millions) Instructions: In part a, round your responses to the nearest dollar. In parts b and c, enter your responses as a percentage rounded to one decimal place. a. Calculate nominal and real GDP per capita for 2010 and 2019. For 2010: Nominal GDP per capita = $ Real GDP per capita = $ For 2019: 282.4 285.5 288.6 291.0 293.7 296.6 299.8 302.0 304.9 307.0 309.4 311.7 314.0 316.2 318.6 320.9 323.1 325.1 327.1 329.1 Nominal GDP per capita = $ Real GDP per capita = $ b. By what percentage did nominal per capita GDP increase? c. By what percentage did real GDP per capita increase?
Using the data in the table below related to nominal GDP, real GDP, and total population, answer the questions for the time period 2010-2019: Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Nominal GDP (in Millions) $9,817,000 10,128,000 10,469,000 10,960,000 11,685,000 12,422,000 13,178,000 13,808,000 14,291,000 13,939,000 14,524,000 15,518,000 16,163,000 16,768,000 17,393,000 18,037,000 18,954,000 19,543,000 20,612,000 21,433,000 Real GDP (in Millions) (2012 Base Year) % $13,131,000 13,262,000 13,493,000 13,879,000 14,406,000 14,913,000 15,338,000 15,626,000 15,605,000 15,209,000 15,599,000 15,841,000 16,197,000 16,495,000 % 16,912,000 17,432,000 17,731,000 18,144,000 18,688,000 19,092,000 Population (in Millions) Instructions: In part a, round your responses to the nearest dollar. In parts b and c, enter your responses as a percentage rounded to one decimal place. a. Calculate nominal and real GDP per capita for 2010 and 2019. For 2010: Nominal GDP per capita = $ Real GDP per capita = $ For 2019: 282.4 285.5 288.6 291.0 293.7 296.6 299.8 302.0 304.9 307.0 309.4 311.7 314.0 316.2 318.6 320.9 323.1 325.1 327.1 329.1 Nominal GDP per capita = $ Real GDP per capita = $ b. By what percentage did nominal per capita GDP increase? c. By what percentage did real GDP per capita increase?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:**Educational Resource: GDP Calculation and Analysis (2010–2019)**
### Data Table: Nominal GDP, Real GDP, and Population (2010–2019)
| Year | Nominal GDP (in Millions) | Real GDP (in Billions, 2012 Base Year) | Population (in Millions) |
|------|---------------------------|----------------------------------------|--------------------------|
| 2000 | $9,817,000 | $13,131,000 | 282.4 |
| 2001 | 10,128,000 | 13,262,000 | 285.5 |
| 2002 | 10,469,000 | 13,493,000 | 288.6 |
| 2003 | 10,960,000 | 13,879,000 | 291.0 |
| 2004 | 11,685,000 | 14,406,000 | 293.7 |
| 2005 | 12,422,000 | 14,913,000 | 296.6 |
| 2006 | 13,178,000 | 15,338,000 | 299.8 |
| 2007 | 13,808,000 | 15,626,000 | 302.0 |
| 2008 | 14,291,000 | 15,605,000 | 304.9 |
| 2009 | 13,939,000 | 15,209,000 | 307.0 |
| 2010 | 14,524,000 | 15,599,000 | 309.4 |
| 2011 | 15,518,000 | 15,841,000 | 311.7 |
| 2012 | 16,163,000 | 16,197,000 | 314.0 |
| 2013 | 16,768,000 | 16,495,000 | 316.2 |
| 2014 | 17,393,000 | 16,912,000 | 318.6 |
| 2015 | 18,037,000 | 17,
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education