Question

Year | Nominal GDP (billions of current $) |
Inflation rate | Population (millions) |
---|---|---|---|

2014 | 9807 | 2% | 79 |

2015 | 10520 | 1% | 83 |

2016 | 10678 | 1% | 88 |

Using the information in the table above, calculate economic growth
for 2015. Give your answer to two decimal places.

%

Answer #1

Nominal GDP in 2014 = $9,807 billion

Nominal GDP in 2015 = $10,520 billion

Calculate the growth rate of nominal GDP -

Growth rate = [(Nominal GDP in 2015 - Nominal GDP in 2014)/Nominal GDP in 2014] * 100

Growth rate = [($10,520 billion - $9,807 billion)/$9,807 billion] * 100

Growth rate = 7.27%

The growth rate of nominal GDP is 7.27%

Economic growth rate is the growth rate of real GDP.

Growth rate of real GDP = Growth rate of nominal GDP - Inflation rate

Growth rate of real GDP = 7.27% - 1% = 6.27%

Thus,

**The economic growth for 2015
is 6.27%**

Year
Nominal GDP
(billions of current $)
Inflation rate
Population
(millions)
2014
3754
2%
212
2015
3898
3%
216
2016
3919
1%
220
Using the information in the table above, calculate economic growth
for 2015. Give your answer to two decimal places.

Year Nominal GDP
(billions of current $) Inflation rate Population
(millions)
2014 3754 2% 117
2015 3898 0.5% 120
2016 3919 1% 124
Using the information in the table above, calculate economic
growth for 2015. Give your answer to two decimal places.

Using the table below, make some calculations and answer the
questions:
Year Nominal GDP Billions Real GDP Billions
2013 16,691.5 15,612.2
2014 17,393.1 15,982.3
2015 18,036.6 16,397.2
2016 18,569.1 16,662.1
2016 18,569.1 16,662.1
Compute the rate of growth of the
economy...
a) Between 2013 and 2014 (2
POINTS)
b) Between 2014 and 2015 (2
POINTS)
c) Between 2015 and 2016 (2
POINTS)
d) Comment briefly on your previous results
(use three lines). (2 POINTS)
e) Which one is more important:...

Suppose that nominal GDP was $9500000.00 in 2005 in Montgomery
County Maryland. In 2015, nominal GDP was $11250000.00 in
Montgomery County Maryland. The price level rose 1.50% between 2005
and 2015, and population growth was 4.25%. Calculate the following
figures for Montgomery County Maryland between 2005 and 2015. Give
all answers to two decimals.
a. Nominal GDP growth was %.
b. Economic growth was %.
c. Inflation was %.
d. Real GDP growth was %.
e. Per capita GDP growth was %.
f. Real...

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...

The following table
gives information on nominal GDP (in billions of $) and the GDP
deflator (base year = 2009):
Year
NGDP
Deflator
RGDP
1950
2000
2015
300
10,252
18,219
13.064
78.069
104.757
a. Fill in the values for real
GDP.
b.
Using the growth formula that we identified in class, calculate the
average annual rates of nominal and real GDP growth from 1950 to
2000 (n = 50 years). Which do you think gives a better indicator of
true...

Suppose that nominal GDP was $9000000.00 in 2005 in Orange
County California. In 2015, nominal GDP was $12000000.00 in Orange
County California. The price level rose 3.00% between 2005 and
2015, and population growth was 4.50%. Calculate the following
figures for Orange County California between 2005 and 2015.
Nominal GDP growth was __%
Economic growth was __%
Inflation was __%
Real GDP growth was __%
Per capita GDP growth was __%
Real per capita GDP growth was __%

Suppose that nominal GDP was $9750000.00 in 2005 in Orange County
California. In 2015, nominal GDP was $11500000.00 in Orange County,
California. The price level rose 2.00% between 2005 and 2015, and
population growth was 3.25%. Calculate the following figures for
Orange County California between 2005 and 2015.
a.
Nominal GDP growth was %.
b.
Economic growth was %.
c.
Inflation was %.
d.
Real GDP growth was %.
e. Per
capita GDP growth was %.
f.
Real per capita...

Given information:
Year
Nominal GDP (Billions)
Gdp Deflator
Population
CPI
Medium Family Income
Question: Calculate and state the following for the years shown for
the XYZ economy: the rates of growth (% per year) of :nominal
GDP; real GDP; real GDP per capita, Real
Medium family income (Provide the formula to calculate the above in
detail)

Suppose that nominal GDP was $10000000.00 in 2005 in Orange
County California. In 2015, nominal GDP was $11750000.00 in Orange
County California. The price level rose 3.00% between 2005 and
2015, and population growth was 4.00%. 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)
Feedback
See Hint
b. Economic growth was %.
Part 3 (1 point)
Feedback
See Hint
c. Inflation was %.
Part...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 8 minutes ago

asked 15 minutes ago

asked 42 minutes ago

asked 52 minutes ago

asked 55 minutes ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago

asked 1 hour ago