Suppose that nominal GDP was $9250000.00 in 2005 in Orange
County California. In 2015, nominal GDP was $11000000.00 in Orange
County California. The price level rose 2.00% between 2005 and
2015, and population growth was 3.50%. Calculate the following
figures for Orange County California between 2005 and 2015. Give
all answers to two decimals.
a. Nominal GDP growth was %.
Part 2 (1 point)
b. Economic growth was %.
Part 3 (1 point)
c. Inflation was %.
Part 4 (1 point)
d. Real GDP growth was %.
Part 5 (1 point)
e. Per capita GDP growth was %.
Part 6 (1 point)
f. Real per capita GDP growth was %.
A. Nominal GDP growth rate= ((11000000-9250000)÷9250000)*100
B. Economic growth rate= Nominal GDP growth rate- Inflation- population growth rate
= 18.92 %-2%-3.5%= 13.42%
C. Inflation= rise in price level= 2%
D. Real GDP growth rate= Nominal GDP growth rate- Inflation= 18.92%-2%= 16.92%
E. Per capita GDP growth rate= Nominal GDP growth rate-population rate
= 18.92%- 3.5%=15.42 %
F. Real per capita GDP growth rate= Economic growth rate= 13.42%
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