iefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of economic growth compared to nominal GDP?

Q1. What are growth indicators, how can we measure them?

Is it a good idea to maximize economic growth by producing and consuming more and more economic goods and services?

Question 3 Year pof cars g of g of cars pof computers computers 2018 $20.000 2000 units $400 500 units 2019 $20.000 4000 units $400 1000 units 2020 $40.000 4000 units $800 1000 units Use the above glven table and compute the real GDPand the rate of growth for each year.Is there a rise in society's well-being from 2009 to 2010? Discuss.

K An island economy produces only bananas and coconuts. The table gives the quantities produced and prices in 2018 and 2019. If the base year is 2019, compare the growth rates of nominal GDP and real GDP. >>> Answer to 1 decimal place. The growth rate of nominal GDP in 2019 is 26.4 percent. The growth rate of real GDP in 2019 using the chained-dollar method is percent. In 2018 Item Bananas Coconuts In 2019 Item Bananas Coconuts Quantity 95 bunches 60 bags Quantity 112 bunches 68 bags Price $7 a bunch $12 a bag Price $12 a bunch $6 a bag

Between the start of 2012 and the start of 2013, a country’s economic growth rate was 4 percent. Its population did not change during the year, nor did its price level. What was the rate of increase of the country’s nominal GDP during this one-year interval?   Q

What are the three main sources for economic growth in any economy?

Why do economists measure growth in real terms as opposed to nominal terms? Explain why real GDP a useful and important measure of a nation’s economic health?  Who uses this information?

There are two economies. At the beginning of Year 1, their real GDPs are equal. Economy A grows at a constant rate of 4%, while Economy grows at a constant rate of 1%. Compute the ratio between the two economies real GDP after 10 years, 20 years and 30 years

Suppose an economy's real GDP is $5,000 billion. There are 125 million workers, each working an average of 2,000 hours per year. a. What is labor productivity per hour in this economy?