Yearnominal GDP(in billion)Real GDP and Real GDP per capitapopulation(in million)GDP deflator20009,95188.72200512,623100201014,499110.99201518,012122.03a. Which year is the base year? Justify your answer.b. Calculate the real GDP per capita growth from 2000 to 2015. Show your work!282.296296.115309.733322.583real GDPreal GDP per capita

Real GDP and Real GDP per CapitaYearNominal GDP (in billions)GDP DeflatorPopulation (in million)Real…

Answered: Year nominal GDP (in billion) Real GDP…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?
The table below shows nominal and real GDP figures for a hypothetical economy. Note that 2022 is the reference year. Nominal GDP (current $ billions) 203.76 Year 2021 2022 2023 2024 2025 220.9 231.8 243,9 2464 GDP Deflator 97.467 100 101.340 105.448 Real GDP (2022 $billions) 198.6 220.9 228.73 236.9 246.4 4 Fill in the table, writing out billions of dollars to the first decimal e.g. $1.0 billion and the GDP deflator to three decimal places e.g. 100,000.
Determine the GDP trend in economic growth over the period of 1989 – 1999. Country/Area Year Unit Gross Domestic Product (GDP) Thailand 1989 Baht 1,924,426,113,246 Thailand 1990 Baht 2,263,299,209,116 Thailand 1991 Baht 2,583,490,817,016 Thailand 1992 Baht 2,935,677,642,139 Thailand 1993 Baht 3,263,426,000,000 Thailand 1994 Baht 3,689,090,000,000 Thailand 1995 Baht 4,217,614,000,000 Thailand 1996 Baht 4,638,604,000,000 Thailand 1997 Baht 4,710,310,000,000 Thailand 1998 Baht 4,701,553,000,000 Thailand 1999 Baht 4,789,826,000,000 Transport, storage and communication Wholesale, retail Agriculture, hunting, forestry, fishing (ISIC A-B) Other Mining, Manufacturing, Utilities (ISIC C-E) (ISIC D) trade, restaurants Total Manufacturing Construction and hotels (ISIC G- Activities Value Country/Area Year Unit (ISIC F) H) (ISIC I) (ISIC J-P) Added Thailand 1989 Percentage 9.8 15.5 16.1 28.9 9.7 10.6 8.2 11.9 Thailand 1990 Percentage -4.7 15.1 15.6 21.9 10.9 14 13.8 11.8 Thailand 1991 Percentage…
am. 133.
Use the data below to find the growth of income per person (over the entire period, not an annual basis) between the two years listed. Year Real GDP Population Income per person 1990 S3,780,000 million 245 million Number 2010 $ 8,850,000 million 250 million Number Income per person grew by (in decimal percent, i.e. .32 not 32). Number
A small economy only produces two goods: steak and potatoes. This information is shown in the table. Based on the table, if year 1 is the base year, the growth rate of real GDP is: Good Steak Potato 6.6%. 8.0%. 9.4%. 10.8%. Year 1 Price $15 $1 Quantity 1,000 50,000 Year 2 Price $20.00 $0.50 Quantity 800 60,000
Suppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in 2018 was 150 and in 2019 it was 153. The population in 2018 was 2,580 and in 2019 it was 2,600. Calculate Real GDP and Real GDP per capita in each year. Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. Describe why the growth rates so different?
How is it calculated and what is the importance of the growth rate of GDP or GNP of Puerto Rico or of any country? Explain.
1. Calculate the percentage change in real GDP in each of the years shown. 2.Then once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before.
County A & Country B both recorded an increase in real GDP of 5% per year from 1970 to 2005. During this time, the population of country A grew at 7% per year & the population for Country B grew at 3%. Which of the following is true during this period? a. Per capita GDP was the same for both Country A & Country B b. Per capita GDP decreased for Country B only c. Per capita GDP decreased for both Country A & Country B d. Per capital GDP decreased for Country A only
Consider a Melanesian island nation in the South Pacific, which had a population of 0.88 million in 2010. The table below presents the nominal GDP and the GDP deflator (based on 2005 being the base year) for the years 2010, 2015 and 2020.YearNominal GDP ($millions)GDP Deflator201017500103.7201518222104.8202018755105.9Over each 5-year period, there were no significant changes to goverment policies or capital investment, and the country experienced a net migration of 0%. However, over the first five years (2010 to 2015), the growth rate of births was 12.5% while the growth rate of deaths was 7.5%. This resulted in a 5% population growth. Over the second five years (2015 to 2020), health care significantly improved such that the growth rate of births increased to 15% while the growth rate of deaths decreased to 5%. In 2010 employment population ratio is 64%. What is the real GDP per worker in 2010.
Suppose we have the following data given to us in this table. Year Real GDP Nominal GDP Population 2010 11,563 12,697 52 2020 12,406 13,395 49 Given this data, we would expect the quality of life to have increased by what percentage over the last 10 years? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.

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