Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Question
Chapter 21, Problem 3.3P
To determine
The growth rate of real
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Year
Real GDP
Nominal GDP
2019
$15,510.79
$17,310.70
2020
$17,495.23
$18,761.83
2021
$18,209.59
$19,253.97
Refer to the table above. What is the growth rate in real GDP from 2020 to 2021? 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.
The following table gives real GDP figures for an economy for four years.
Fill in the growth rate for each year, and then find the average annual growth rate for the period.
Enter all answers as percentages rounded to one decimal place.
The average annual growth rate for this period is
Year
1999
2000
2001
2002
%.
Real GDP
140 billion
151.2 billion
166.3 billion
176.3 billion
Growth Rate (%)
%
%
%
Calculate the quarter-over-quarter percentage change in GDP for the last four quarters:
Quarter-Year
GDP (Billions USD)
% GDP Growth
Q4-2020
5,267
--
Q1-2021
5,301
Q2-2021
5,398
Q3-2021
5,718
Q4-2021
6,104
Chapter 21 Solutions
Principles of Economics (12th Edition)
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