Question

Suppose that nominal GDP was $10000000.00 in 2005 in Orange
County California. In 2015, nominal GDP was $11750000.00 in Orange
County California. The price level rose 3.00% between 2005 and
2015, and population growth was 4.00%. Calculate the following
figures for Orange County California between 2005 and 2015. Give
all answers to two decimals.

a. Nominal GDP growth was %.

Part 2 (1 point)

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b. Economic growth was %.

Part 3 (1 point)

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c. Inflation was %.

Part 4 (1 point)

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d. Real GDP growth was %.

Part 5 (1 point)

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e. Per capita GDP growth was %.

Part 6 (1 point)

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f. Real per capita GDP growth was %.

Answer #1

a) Nominal GDP growth rate= {(11750000–10000000)/10000000}×100= 75%

b) economic growth measures the change in GDP.

Hence, nominal GDP growth rate can also be considered as the economic growth rate.

Hence, Economic Growth was 75%

c) The increase in the price level is known as the Inflation.
The price level rose by 3% between 2005 and 2015. Hence, Inflation
was **3%.**

d) Real GDP growth= Nominal GDP growth rate– Inflation Rate= 75%–3%= 72%.

e) Per capita GDP growth= Nominal GDP Growth Rate–Population growth rate= 75%–4%= 71%.

f) Real GDP per capita growth = Real GDP growth rate–Population Growth Rate= 72%–4%= 68%.

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figures for Orange County California between 2005 and 2015. Give
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Part 2 (1 point)
b. Economic growth was %.
Part 3 (1 point)
c. Inflation was %.
Part 4 (1 point)
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period 1960–2010.
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Deflator
RGDP
1950
2000
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300
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104.757
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