answer A,B,C and D Reference equation: Real GDP per capita growth rate = Nominal GDP growth rate - Inflation rate - Population growth rate.This equation is an approximation of the exact rate of growth of GDP per capita, and so it results in some errors when calculating thisrate. However, the simplified equation is both easy to use and results in small error terms when inflation, nominal GDP growth, andpopulation growth are low, and so it is a useful approximation. The table below lists a fictional country's nominal GDP, real GDP, GDPdeflator, and population over two years.YearNominal GDPGDP deflatorReal GDPPopulation(2012 dollars)$1, 000, 000$1, 050, 0002019100$1, 000, 0001, 0002020103$1, 019, 4171, 005a. Verify that the real GDP values in the above table are accurate.Instructions: Round your answers to one decimal place.b. This country's real GDP per capita for 2019 is $This country's real GDP per capita for 2020 is $c. The growth rate in this country's real GDP per capita between 2019 and 2020 is%.d. The growth rate in nominal GDP between 2019 and 2020 is%.The growth rate in the GDP deflator between 2019 and 2020 is|%.The growth rate in the population between 2019 and 2020 is%.

A country’s nominal GDP measures the GDP at the current prices, unadjusted for inflation. Real GDP,…

Year Honinal GDP GDP deflator Real GDP Population $1, 000, 000 $1. 050, 000 (2012 dollars) $1, 000, 000 $1,019, 417 1, 000 1, 005 2019 100 2020 103 a. Verify that the real GDP values in the above table are accurate. Instructions: Round your answers to one decimal place. b. This country's real GDP per capita for 2019 is $ This country's real GDP per capita for 2020 is $ c. The growth rate in this country's real GDP per capita between 2019 and 2020 is %. d. The growth rate in nominal GDP between 2019 and 2020 is |%. The growth rate in the GDP deflator between 2019 and 2020 is %. The growth rate in the population between 2019 and 2020 is %.

Year Honinal GDP GDP deflator Real GDP Population $1, 000, 000 $1. 050, 000 (2012 dollars) $1, 000, 000 $1,019, 417 1, 000 1, 005 2019 100 2020 103 a. Verify that the real GDP values in the above table are accurate. Instructions: Round your answers to one decimal place. b. This country's real GDP per capita for 2019 is $ This country's real GDP per capita for 2020 is $ c. The growth rate in this country's real GDP per capita between 2019 and 2020 is %. d. The growth rate in nominal GDP between 2019 and 2020 is |%. The growth rate in the GDP deflator between 2019 and 2020 is %. The growth rate in the population between 2019 and 2020 is %.

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 you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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