The remote island of Aquamotor Reef produces only cars and fish. The table gives the quantitiesproduced and market prices in 2020 and in 2021.ItemCarsFish2020QuantityPrice128,600Nominal GDP in 2020.$30,000$5Nominal GDP in 2021.Real GDP in 2020.Real GDP in 2021.2021Quantity139,000Price$32,000$6What is the economic growth rate when valued at 2020 prices?What is the economic growth rate when valued at 2021 prices? (Clue: the first step is to revalue real GDPin both years with 2021 as base year.)

The real economic growth rate, also called real GDP growth rate, determines economic growth, as…

The remote island of Aquamotor Reef produces only cars and fish. The table gives the quantities produced and market prices in 2020 and in 2021. Item Cars Fish 2020 Quantity Price 12 8,600 Nominal GDP in 2020. $30,000 $5 Nominal GDP in 2021. Real GDP in 2020. Real GDP in 2021. What is th 2021 Quantity 13 9,000 Price What is the economic growth rate when valued at 2020 prices? 2021 $32,000 $6 LCDD

The remote island of Aquamotor Reef produces only cars and fish. The table gives the quantities produced and market prices in 2020 and in 2021. Item Cars Fish 2020 Quantity Price 12 8,600 Nominal GDP in 2020. $30,000 $5 Nominal GDP in 2021. Real GDP in 2020. Real GDP in 2021. What is th 2021 Quantity 13 9,000 Price What is the economic growth rate when valued at 2020 prices? 2021 $32,000 $6 LCDD

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter16: Economic Growth

Section: Chapter Questions

Problem 12E

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The following table shows the GDP per capita of various countries forthe years 1960 and 2010 in PPP-adjusted 2005 dollars. The table alsocontains the implied growth rates, which show how much on average eachcountry needed to grow each year to reach the 2010 level of GDP per capitastarting from the 1960 level of GDP per capita. Use the table to answer thefollowing questions. 1. During 1960-2010, which countries failed to reduce the gap betweentheir GDP per capita and the U.S. GDP per capita?
Real Consumption westion 1 The diagram below shows alternate paths for two hypothetical economies, each starting with GDP of $1 billion. Assume that Area 1 is equal to Area 2. at yet swered rked out of Economy B 2% growth Area 2 Flag question Еconomy A 1% growth Area 1 Year X Year Y Time FIGURE 25-1 Refer to Figure 25-1. Which of the following statements about Economies A and B is correct? Select one: O a. Economy B will sustain higher material living standards than Economy A in the long run. O b. Economies A and B will have equal material living standards beginning at Year Y. O C. Economies A and B will have equal material living standards beginning at Year 0. O d. Economy A will sustain higher material living standards than Economy B in the long run. O e. Economies A and B will have equal material living standards beginning at Year X. In a macro model with a constant nrice levelan increase in government nurchases will cause the AF curve to shift E 2°C Light rain/snow 13:01 on 2 C )…
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During a federal election campaign, the incumbent argues that he should be re-elected because GDP grew by 12 percent during his four-year term in office. You know that population grew by 4 percent over the period, and that the GDP deflator increased by 6 percent during the past four years. What can you conclude about real GDP per person? O It grew, but by less than 12 percent. O It was unchanged. O It decreased. O It grew by more than 12 percent.
Please tell me which is the correct awnser for question 1.1 below there is nothing missing please just tell me which awnser or aawnsers are correct thank you Select one or more: a. If Country C's GDP per capita rises from $2,500 to 7,500, and Country D's GDP per capita rises from $6,000 to 18,000, the ratio of GDP per capita between the two countries is unchanged. b. If a country’s GDP doubles every 50 years on a ratio scale graph against time it will rise at an increasing rate. c. Country B is growing a higher percentage rate than Country A, but Country A is 5 times richer than Country B. On a linear scale graph against time the gap between the two lines must be narrowing. d. Country E is growing at the same percentage rate as Country F, but Country E is 3 times richer than Country F. On a log scale graph against time the gap between the two lines will be constant.