Part 1                                                                                                          P                      2015                       2020                         2021 Product Quantity Price Quantity Price Quantity Price MP3s     40  $250.00      45 $200.00     50 $150.00 Tacos 2,000        2.00 2,200       2.25 2,300       2.40 Coats   300      50.00    310     52.00   350     55.00 Real GDP is an important, although imperfect, indicator of the economic health of a nation. Consider the data above for a simple economy: Using 2015 as the base year, calculate nominal GDP and the real GDP, for 2020 and 2021.  Show your work.       Gross Domestic Product (GDP) is the broadest measure of output for an economy.  However, GDP does not perfectly measure the well-being of a nation and its citizens' welfare.  What is GDP and what does it measures?  What are 4 shortcomings (limitations) of GDP as a measure of well-being and welfare?

1. GDP per capita and quality of life The following table lists gross domestic product (GDP) and approximate population for four countries in 2020. Note that GDP is given in millions of U.S. dollars (USD). For example, a value of 20,936,600 suggests that U.S. GDP was approximately $20.9 trillion in 2020. GDP per capita, however, is simply given in dollars (USD). Calculate GDP per capita for each country and enter it in the fourth column of the table. GDP GDP per capita Country India France (Millions of USD) Population (USD) 2,622,984 1,380,004,390 2,603,004 67,391,580 United States 20,936,600 329,484,120 Ethiopia 107,645 114,963,580 Source: "The World Bank." Based on your calculations of GDP per capita, the quality of life in France is probably the quality of life in India. What are some of the problems associated with using GDP per capita to compare the quality of life among countries? Check all that apply. OGDP per capita is not correlated with economic growth and development. The…

Given the statistics in the table below, which of the following statements is true? Bangaladesh GDP per person (2010 constant U.S. dollars) $1002.39 $1062.04 $1127.27 $1203.22 Year 2015 2016 2017 2018 Kenya GDP per person (2010 constant U.S. dollars) $1093.13 $1129.71 $1157.05 $1202.13 From 2015 to 2018, Kenya's standard of living always exceeded Bangladesh's standard of living. By the year 2018, Bangladesh had caught up with Kenya in terms of standard of living. From 2015 to 2018, Kenya's economic growth always exceeded Bangladesh's economic growth. From 2015 to 2018, Kenya's economic growth rate was always negative.

Year Real GDP Nominal GDP 2019 $15,292.67 $17,081.38 2020 $17,822.90 $18,350.11 2021 $18,521.37 $19,397.19 Refer to the table above.  What is the growth rate in real GDP from 2020 to 2021? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.