Real GDPYear(billions of2000 dollars)200916,200201017,500Refer to the above table. Using the table above, what is the approximategrowth rate of real GDP from 2009 to 2010?8.0 percentO 15.1 percentO 9.3 percentO 7.4 percent

Real GDP measures the market value of goods and services using constant sets of prices.

Answered: Year (billions of 2000 dollars) 2009…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine the GDP per capita of a country doubles every one hundred years. What would the shape of a linear-scale graph and a ratio- scale graph be? Select one or more: O a. Linear scale: an upward-sloping Ratio scale: an upward-sloping curve with increasing slope (called straight line convex shape) O b. Ratio scale: a straight horizontal line Linear scale: an upward-sloping straight line Ratio scale: an upward-sloping curve with decreasing slope (called O C. Linear scale: an upward-sloping straight line concave shape) O d. Linear scale: an upward-sloping Ratio scale: an upward-sloping convex curve convex curve
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1
5 Question This question is supposed to familiarize you with the calculation of growth over multiple periods. In the lectures you learned that the growth rate of a variable from one period to the next is given by Yt - Yt-1 9y= Yt-1 where g, denotes the growth rate, y, the value of the variable y in period t, and yt-1 the value of the same variable in period t- 1. Very often we are dealing with growth over many periods, say 50 years, in which case the above formula is not helpful. In that case we use the following formula: Yt = Yo (1+9y), where yo is the value of the variable at the beginning of the period, y, is the value of the variable after t periods, and g, is the (constant) growth rate. Depending on what information is given, you can solve the formula for either yt, Yo, gy, or for t. Now turn to the actual problem: The poorest countries in the world currently have an annual per capita income of about $600. We can reasonably assume that it is nearly impossible to live on an income…
Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19 2010 14.94 2009 14.54 Refer to Table 11.Growth. Economic growth rate for 2013 is about О 2.32% O 1.67% O 1.58% О 3.18%
Question 22 Here are hypothetical data for Germany and Japan on average labor productivity, the number of persons employed, and population in a given year: Average labor |productivity S88,204 $44,216 Number of persons employed 32.36 million 50.48 million than that of Germany by approximately . Population 78.17 million 104.3 million Germany Japan Japan's real GDP per person is O lower; $15,114 O higher; $121,711 O lower; $121,711 O higher; $15,114
Select one or more: O a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the ratio of GDP per capita between the two countries is unchanged. O b. If a country's GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. O c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear scale graph against time the gap between the two lines must be narrowing. O d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale graph against time the gap between the two lines will be constant.

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Year (billions of 2000 dollars) 2009 16,200 2010 17,500 Refer to the above table. Using the table above, what is the appr growth rate of real GDP from 2009 to 2010? O 8.0 percent O 15.1 percent O 9.3 percent O 7.4 percent