Question

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 country undergone an increase or a decrease?

(Click to select) Decrease Increase

13

Suppose that a developing country's real GDP at the end of the previous year was $43 billion. A census taken that year estimated population to be 48 million. Assume that real GDP is projected to increase by 3.5 percent and that population is expected to grow by 0.27 percent by the end of the current year.

Based on these estimates, what is the expected real GDP per capita at the end of the current year?

**Instructions:** Enter your answer as a whole
number.

$

Answer #1

12)

Real GDP in year 1=$1.9 billion=1.9*1000=$1900 million

Population in year 1=2.1 million

**Per Capita Real GDP in year 1=Real GDP in year
1/Population in year 1=1900/2.1 =904.7619 or say $905**

b)

Real GDP in year 5=$2.2 billion=$2200 million

Population in year 5=2.5 million

**Per Capita Real GDP in year 5=Real GDP in year
5/Population in year 5=2200/2.5 =$880**

**c)**

**Per Capita Real GDP has decreased. We can say that
average standard of living has undergone a decrease.**

**Problem 13**

Real GDP last year=$43 billions=$43000 million

Population last year=48 million

Expected Real GDP at the end of current year=43000*(1+3.5%)=$44505 million

Expected Population at the end of current year=48*(1+0.27%) =48.1296 million

**Expected Per Capita Real GDP at the end of current
year=44505/48,1296=$924.69 or say $925**

In 2015, real GDP was SAR 12,247 billion. In 2018, it was
SAR13,206 billion. During the same period, the Saudi population
rose from 22.9 million to 25.4 million. a. Calculate real GDP per
capita in 2015 and 2018. By what percentage did output per person
grow over this period? b. Suppose that real GDP grown by 3% each
year from 2015 to 21018, what would real GDP have been in 2018?

Suppose real GDP in the U.S. was $19,000 billion in 2019 and
$18,900 billion in 2020. Assume that population in the U.S. was
0.32 billion in 2019 and 0.35 billion in 2020.
a. What was the growth rate of real GDP from 2019-2020?
b. Calculate GDP per capita in both 2019 and 2020.
c. What was the growth rate of real GDP per capita from
2019-2020?

Please, I need full explanation and correct answers.
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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...

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900 million. With which of the following real GDP would Country X's
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that year?
1 Country X's real GDP = 900 billion; Country Y's real GDP = 500
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The population decreased from 75 million to 73 million.
The population increased from 45 million to 50 million.
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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.You deposit $600 in a savings account and one year later you
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2.
A country aims to double real GDP per capita in the next 24
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Enter a number rounded to two decimal...

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Suppose labour force in Country A increases from 100 in 2017 to
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Suppose that the table below shows an economy’s relationship
between real output and the inputs needed to produce that
output:
Input Quantity
Real GDP
300.00
$400
225.00
300
150.00
200
Instructions: Round your answers to 2 decimal
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.
b. What is the per-unit cost of production if the price of each
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$.
c. Assume that the input price increases from $4 to $5 with no...

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