Question

Please, I need full explanation and correct answers.

1) In 2012, Northland had real GDP of $4.21 billion and a population of 2.98 million. In 2013, real GDP was $4.59 billion and population was 2.97 million. What was Northland's growth rate of real GDP in 2013? 1) _______

A) 0.38 percent

B) 11.1 percent

C) 9.0 percent

D) 8.3 percent

E) 3.8 percent

3) Using the Rule of 70, if the country of Flowerdom's current growth rate of real GDP per person is 7 percent a year, how long will it take the country's real GDP per person to double? 3) _______

A) 49 years B) 1 year C) 2 years D) 10 years E) 7 years

4) Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to $80 million? 4) _______

A) 30 B) 7 C) 14 D) 4 E) 3.5

Answer #1

Last year Panglossia had real GDP of 27.0 billion. This year it
had real GDP of 31.5 billion. Which of the following changes in
population is consistent with a 5 percent growth rate of real GDP
per person over the last year?
The population decreased from 88 million to 84 million.
The population decreased from 75 million to 73 million.
The population increased from 45 million to 50 million.
The population increased from 60 million to 62 million.
Can someone...

Last year real GDP in an imaginary economy was $10 billion and
the population was 2 million. This year, real GDP is $12 billion
and the population was 2.2 million. What was the growth rate of
real GDP per person during the year?

Mexico’s Real GDP was 13,773 billion pesos in 2014 and 14,135
billion pesos in 2015. Mexico's population growth rate in 2015 was
1.1 percent. Calculate The growth rate of real GDPin 2015.
Calculate the growth rate of real GDP per person in 2015.
Calculate the approximate number of years it takes for real GDP
per person in Mexico to double if the 2015 growth rate of real GDP
and the population growth rate are maintained.

12.
Suppose that real output for a small developing country in year
1 is $1.9 billion and that population is 2.1 million.
Instructions: In parts a and b, round your
answers to the nearest dollar.
a. What is per capita GDP?
$
b. If real output in year 5 increases to $2.2 billion and
population increases to 2.5 million, what is the new per capita
GDP?
$
c. Has the average standard of living for this small developing...

GDP per Capita Growth and Rule of 72
Current Year
Previous Year
Growth Rate
Real GDP
$8.4 trillion
$8.0 trillion
Population
202 million
200 million
GDP per Capita
$
$
Formulas you could use:
Growth Rate in percentage = (Current year value – previous year
value)/ previous year
GDP per Capita = Real GDP/population (Ch6 Section 6.4)
Future value = Present value x (1 + growth rate)^number of
years (Ch7 Section 7.2)
Rule of 72:
72/growth rate = number of...

1. Suppose that the annual rates of growth of real GDP of
Econoland over a five-year period were sequentially as follows: 3
percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was
the average of these growth rates in Econoland over these 5 years?
What term would economists use to describe what happened in year 3?
If the growth rate in year 3 had been a positive 2 percent rather
than a negative 2 percent, what would have...

In 2015, the imaginary nation of Wonderland had a population of
495,810 and real GDP of $7,164,354,600. In 2016 it had a population
of 494,600, nominal GDP of $8,842,896,725 and GDP deflator of
121.5. The growth rate of real GDP per person in Wonderland between
2015 and 2016 was greater than ________ but less than
________.
A. more than 3.1 percent
B. 2.4 percent; 3.1 percent
C. 1.7 percent; 2.4 percent
D. 1.0 percent; 1.7 percent
E. 0.3 percent; 1.0...

Please, I need full explanation and correct answer.
9) In a country with a working-age population of 22 million, 16
million are employed, 2 million are unemployed, and 1 million of
the employed are working part-time, half of whom wish to work
full-time. If 500,000 of those unemployed are cyclically
unemployed, what is the natural unemployment rate? 9)
_______
A) 5.6 percent
B) 9.4 percent
C) 8.3 percent
D) 11.1 percent
E) 1.5 percent

(1) In a country A, the velocity of money is constant. Real GDP
grows by 4 percent per year, the money supply grows by 8 percent
per year, and the nominal interest rate is 9 percent. What is:
(a) the growth rate of nominal GDP?
(b) the inflation rate
c. real interest rate

1- In Beyonceland, real GDP fell continuously from $200 billion
in 2015 to $160 billion in 2016. Potential GDP remained constant at
$180 billion. Between 2015 and 2016, Beyonceland
A) went from a peak to a trough.
B) had a contraction and a recession.
C) went from a deflationary gap to an inflationary gap.
D) went from a negative output gap to a positive output gap.
E) had a growth rate of -25 percent.
2-
Which factor, if included in...

ADVERTISEMENT

Get Answers For Free

Most questions answered within 1 hours.

ADVERTISEMENT

asked 8 minutes ago

asked 8 minutes ago

asked 10 minutes ago

asked 13 minutes ago

asked 13 minutes ago

asked 19 minutes ago

asked 19 minutes ago

asked 25 minutes ago

asked 37 minutes ago

asked 45 minutes ago

asked 47 minutes ago

asked 51 minutes ago