In 2007, the rate of growth of Real Gross Domestic Product was 3.7%. In 2008, it was 0.2%. That means   Select one: a. Production was declining in 2008 and rising in 2007  b.  Production was declining at a decreasing rate c. There was virtually nothing produced in 2008 d. Production was growing at a decreasing rate e. Production was less in 2008 than in 2007.

In 2004, the GDP of UK was $8200. Suppose that UK has a growth rate of 1.8%. a. What is Britain's GDP after 8 years? b. What is Britain's GDP after 20 years?

Which of the components of GDP must increase if we are to experience greater rates of economic growth? If the illegal drug trade was legalized what would happen to GDP? What would happen to GDP if a significant number of house-spouses who were previously staying home to care for their children began taking jobs and placing their children in day-care? Would the nation's well-being necessarily be better off?

(b) Provide a table with the nominal GDP for the Barbados for 2020 and 2021. Using only the nominal GDP, what do you know about (i) Changes in the level of output during this period? Explain. (ii) Changes in prices during this period? Explain. (iii) Would your answer change if you were using Real GDP? Explain.

Why do economists prefer to use real gross domestic product (RGDP) instead of nominal gross domestic product (NGDP) when measuring the economic growth of a country? Why is real GDP considered more relevant than the other?

Please no written by hand and no emage Ecuador has a GDP of $89.0 billion (measured in U.S. dollars) and grows at 1.3% per year. Using the Compound Rate formula in the textbook, what is the country’s GDP after 6 years? A. $99.3 billion B. $96.2 billion C. $95.4 billion D. $93.1 billion

Malaysia’s real GDP was $560 billion in 2010 and $570 billion in 2011. Malaysia’s population was 130.7 million in 2010 and 130.8 million in 2011.        i.   Calculate economic growth rate of Malaysia.       ii.   Calculate growth rate of real GDP per person of Malaysia.       iii.  How many years it takes for real GDP per person in Malaysia to double if the 2010 economic growth rate and population growth rate are maintained.

Suppose that real GDP was $2265 billion in 2018 and $2285 billion in 2019. Calculate the growth rate for this economy. Provide answer to 2 decimal points.

Country Real GDP(millions of dollars) Population(millions of people) Country A $3,850 9.05 Country B $3,850 4.21 .Based on the table above, which country has a higher standard of living and why?   A. Country B has a higher standard of living because growth in GDP is greater in Country B than in Country A.   B. Both countries have the same standard of living because their real GDP is equivalent.   C. Country A has a higher standard of living because growth in GDP is greater in Country A than in Country B.   D. Country A has a higher standard of living because their real GDP per capita is higher.   E. Country B has a higher standard of living because their real GDP per capita is higher.

The economy produces only two general types of products: Apples, and Bananas. Price and Quantity information of these items over a period are shown below:   Year 2019 Year 2020 Product   Output Average Price per Unit Output Average Price per Unit Apples 14 $5 12 $16 Bananas 14 $20 14 $20  Using year 2020 as the base year, Growth rate of Nominal GDP from year 2019 to year 2020 is ______%.   (Cut off at the first decimal point. eg: Suppose that your calculated answer is 9.98, then, write 9.9.)