The following table shows data for a hypothetical economy in 2017 and 2018. Use the table to answer the questions that follow. 2017 2018 Population 800,000 808,000 Number of Hours Worked 2,000,000,000 2,000,000,000 Real GDP $16,000,000,000 $16,644,800,000 Real GDP per Person Labor Productivity 2. The growth rate of the population between 2017 and 2018 is ? 3.Calculate real GDP per person in 2017 and 2018 and enter the values in the previous table. The growth rate of real GDP per person between 2017 and 2018 is ?
The following table shows data for a hypothetical economy in 2017 and 2018. Use the table to answer the questions that follow. 2017 2018 Population 800,000 808,000 Number of Hours Worked 2,000,000,000 2,000,000,000 Real GDP $16,000,000,000 $16,644,800,000 Real GDP per Person Labor Productivity 2. The growth rate of the population between 2017 and 2018 is ? 3.Calculate real GDP per person in 2017 and 2018 and enter the values in the previous table. The growth rate of real GDP per person between 2017 and 2018 is ?
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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The following table shows data for a hypothetical economy in 2017 and 2018.
Use the table to answer the questions that follow.
|
|
2017
|
2018
|
|---|---|---|
| Population | 800,000 | 808,000 |
| Number of Hours Worked | 2,000,000,000 | 2,000,000,000 |
| Real |
$16,000,000,000 | $16,644,800,000 |
| Real GDP per Person |
|
|
| Labor Productivity |
|
|
2. The growth rate of the population between 2017 and 2018 is ?
3.Calculate real GDP per person in 2017 and 2018 and enter the values in the previous table.
The growth rate of real GDP per person between 2017 and 2018 is ?
4.
Assuming that real GDP per person is a good measure of living standards, between 2017 and 2018, living standards for which of the following reasons?
a.Productivity growth outpaced population growth.
b.The number of hours worked remained the same.
c.Population growth outpaced productivity growth.
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