Question

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 14,526.5 13,088.0 310,106

1) Why is real GDP greater than nominal GDP for all years until 2000 and lower for 2010?

2) Calculate the percent change in real GDP from 1960 to 1970, 1970 to 1980, 1980 to 1990, 1990 to 2000, and 2000 to 2010. Which period had the highest growth rate?

3) Calculate real GDP per capita for each of the years in the table.

4) Calculate the percent change in real GDP per capita from 1960 to 1970, 1970 to 1980, 1980 to 1990, 1990 to 2000, and 2000 to 2010. Which period had the highest growth rate?

5) How do the percent change in real GDP and the percent change in real GDP per capita compare? Which is larger? Do we expect them to have this relationship?

Answer #1

Year
Nominal GDP (billions of dollars)
GDP Deflator (2005 = 100)
Real GDP ($bn)
1960
543.3
19.0
1965
743.7
20.3
1970
1075.9
24.8
1975
1688.9
34.1
1980
2862.5
48.3
1985
4346.7
62.3
1990
5979.6
72.7
1995
7664.0
81.7
2000
10289.7
89.0

The table below provides information about real GDP (measured in
billions of dollars) and population (measured in
millions) for four countries. Please calculate the
indicated values to fill in the table. Round all answers to the
nearest whole number.
USA
Mexico
Botswana
China
1980
RGDP
2,857.33
404.79
1.8
306.87
1980 population
227.225
67.761
0.897868
981.235
2016
RGDP
18,707.15
2,369.01
37.4
21,316.91
2016 population
323.071
123.333
2.159
1,378.665
1980 RGDP per capita:
USA $
Mexico $
Botswana $
China $
2016...

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Year
1960
1970
1980
1990
2000
Population
2005
2549
3100
3670
4010
a) Which is the independent variable? Which is the dependent
variable?
Independent:
_____________
Dependent: _______________
b) Find the percent change in population from 1980 to 1990.
c) Find the average growth rate in population from 1980 to
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d) Use interpolation to estimate the number of people in 1984.
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Suppose that nominal GDP was $9000000.00 in 2005 in Orange
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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 __%

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
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CPI was 195. The population grew from 1.15 billion in 1990 to 1.3
billion in 2010. The total change in total real GDP over this
period was approximate? What is the real GDP per capita?
The answer is 1.735 (173.5%) growth in GDP, please provide the
steps!

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
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f.
Real per capita...

Suppose that nominal GDP was $9500000.00 in 2005 in Montgomery
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figures for Montgomery County Maryland between 2005 and 2015. Give
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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...

Given information:
Year
Nominal GDP (Billions)
Gdp Deflator
Population
CPI
Medium Family Income
Question: Calculate and state the following for the years shown for
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GDP; real GDP; real GDP per capita, Real
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Suppose that nominal GDP was $9250000.00 in 2005 in Orange
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