Question

Last year Panglossia had real GDP of 27.0 billion. This year it had real GDP of...

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 teach me how to do this thanks

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct option is

The population increased from 45 million to 50 million.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Last year real GDP in an imaginary economy was $10 billion and the population was 2...
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?
In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the...
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?
The IMF forecasted Canada’s real GDP at $1,830 billion in 2017 and $1,866 billion in 2018,...
The IMF forecasted Canada’s real GDP at $1,830 billion in 2017 and $1,866 billion in 2018, and Canada’s population at 36.7 million in 2017 and 37.1 million in 2018. Calculate: a. The growth rate of real GDP. b. The growth rate of real GDP per person. c. The approximate number of years it takes for real GDP per person in Canada to double if the 2018 growth rate of real GDP and the population growth rate are maintained.
Please, I need full explanation and correct answers. 1) In 2012, Northland had real GDP of...
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...
Last year Country A had a population of 16 million, nominal GDP of 480,000 million, and...
Last year Country A had a population of 16 million, nominal GDP of 480,000 million, and a GDP deflator of 120. Country B had a population of 10 million a nominal GDP of 400,000 million and a GDP deflator of 125. Which country is likely to have the higher standard of living? A.Country B because it has the higher level of real GDP per person. B.Country B because it has the higher level of nominal GDP per person. C. Country...
12. Suppose that real output for a small developing country in year 1 is $1.9 billion...
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...
1. Suppose that the annual rates of growth of real GDP of Econoland over a five-year...
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...
Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and muffins. The...
Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and muffins. The following table shows the prices and quantities of the goods over a three-year period. Year Cupcakes Muffins Price Quantity Price Quantity (Dollars per cupcake) (Number of cupcakes) (Dollars per muffin) (Number of muffins) 2012 1 120 1 195 2013 2 130 4 195 2014 4 130 4 145 Use the information from the preceding table to fill in the following table. Year Nominal GDP...
2) •Real GDP grew at 3.3% per year •Capital’s share of income has averaged about 1/3...
2) •Real GDP grew at 3.3% per year •Capital’s share of income has averaged about 1/3 in the United States. •The capital stock grew at 3.3% per year. •The labor force grew at 1.7% per year. The increase in real GDP per capita in the United States from 1949 to 2010 A) was due to increased labor productivity. B) was due to an increase in the hours worked per person. C) was due to both increased in labor productivity and...
In 2015, the imaginary nation of Wonderland had a population of 495,810 and real GDP of...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT