Question

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 per capita GDP growth was %.

Answer #1

a. Nominal GDP growth was = [(Nominal GDP in 2015 - Nominal GDP in 2005) / Nominal GDP in 2005]*100

= [11250000-9500000]/9500000*100

= 18.42%

b. Economic growth was Nominal GDP growth rate - price level growth - population growth

= 18.42-1.5-4.25

= 12.67%

c. Inflation was = growth rate of price level = 1.5%

d. Real GDP growth was Growth in Nominal GDP - Growth in the price level

= 18.42-1.5

= 16.92%

e. Per capita GDP growth was growth in NGDP- growth in population

= 18.42-4.25

= 14.17%

f. Real per capita GDP growth was Growth in NGDP- Price level - Population

= 18.42-1.5-4.25

= 12.67%

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
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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...

Suppose that nominal GDP was $9750000.00 in 2005 in Orange County
California. In 2015, nominal GDP was $11500000.00 in Orange County,
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population growth was 3.25%. Calculate the following figures for
Orange County California between 2005 and 2015.
a.
Nominal GDP growth was %.
b.
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c.
Inflation was %.
d.
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f.
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Suppose that nominal GDP was $9000000.00 in 2005 in Orange
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Nominal GDP growth was __%
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Suppose that nominal GDP was $10000000.00 in 2005 in Orange
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figures for Orange County California between 2005 and 2015. Give
all answers to two decimals.
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Part 2 (1 point)
Feedback
See Hint
b. Economic growth was %.
Part 3 (1 point)
Feedback
See Hint
c. Inflation was %.
Part...

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growth was %. Give your answers to one decimal place. Part 2 (1.3
points) Suppose that nominal GDP was $20 trillion in 2040 in
Mordor. In 2050, nominal GDP was $18 trillion in...

Part 1
Suppose that nominal GDP was $11 trillion in 2040 in Mordor. In
2050, nominal GDP was $15 trillion in Mordor. The price level fell
3% between 2040 and 2050, and population growth was 2%. Between
2040 and 2050 in Mordor,
nominal GDP growth was %
and economic growth was %. (Give your answers to one decimal
place.)
Part 2
Suppose that nominal GDP was $20 trillion in 2040 in Mordor. In
2050, nominal GDP was $18 trillion in...

The accompanying table shows data on nominal GDP (in billions of
dollars), real GDP (in billions of 2005 dollars), and population
(in thousands) of the United States in 1960, 1970, 1980, 1990,
2000, and 2010. The U.S. price level rose consistently over the
period 1960–2010.
Year Nominal GDP (billions of dollars) Real GDP (billions of
2005 dollars) Population (thousands)
1960 $526.4 $2,828.5 180,760
1970 1,038.5 4,266.3 205,089
1980 2,788.1 5,834.0 227,726
1990 5,800.5 8,027.1 250,181
2000 9,951.5 11,216.4 282,418
2010...

If a country’s nominal GDP is growing at 4 percent per year
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rate is 0.5 percent per year, what is the growth rate of real GDP
per capita?

Country
Real GDP 2014
Real GDP 2015
Blissful Acre
$150,000,000
$156,000,000
Happy Haven
$6,000,000
$6,300,000
Use the table above for the following questions
What is Blissful Acre’s rate of growth of real GDP?
What is Happy Haven's rate of growth of real GDP?
If Blissful Acre’s population growth between 2014 and 2015 is
2%, what is the rate of growth of real GDP per capita
If Happy Haven’s growth rate of real GDP per capita is 2.5%,
what is the...

Year
Nominal GDP
(billions of current $)
Inflation rate
Population
(millions)
2014
3754
2%
212
2015
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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.

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