Question

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 GDP growth was %.

Answer #1

**ANSWER:**

**GIVEN
DATA**

- nominal GDP was $9750000.00 in 2005 in Orange County California
- In 2015, nominal GDP was $11500000.00 in Orange County, California
- price level rose 2.00% between 2005 and 2015
- population growth was 3.25%.

nominal GDP growth was=(11500000/9750000)^(1/10)-1

=**1.66%**

economic growth was=((1+1.66%)/(1+1.50%))-1

**=0.16%**

inflation rate=price level growth

**=1.50%**

real GDP growth rate=economic growth rate=((1+1.66%)/(1+1.50%))-1

**=0.16%**

per capital real GDP growth=((1+0.16%)/(1+3.50%))-1

**=-0.727**

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