?Question 2.10: Calculate Growth Rate of Real Per Capita GDPNow suppose there are more goods and services and the economy is now open to trade with othercountries. Based on this generated data and since you have already calculated nominal and real GDP, youwill now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, realGDP, GDP deflator (price level), and real GDP per capita for this simple economy. (Round your answer totwo decimal places.)Calculate the Growth Rate of Real Per Capita GDP from 2008 to 2009:Check AnswerYearNominal GDP(Billions of $)Real GDPPopulation(Billions of $)(Million)200714451.915626300.6200814712.815604.7303.4200914448.915208.8306.1201014992.115598.8308.6201115542.615840.7311.120121619716197313.3201316784.916495.4315.5201417527.316912317.7201518224.817403.8319.920161871517688.9322.2201719519.418108.1324.5

Step 1: Real GDP Per Capita:The average economic production per person, adjusted for inflation, is…

Answered: ?Question 2.10: Calculate Growth Rate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.)
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.
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