Suppose that nominal GDP was $8 trillion in 2040 in Bedrock.  In 2050, nominal GDP was $10 trillion in Bedrock.  The price level rose 17.0% between 2040 and 2050, and population growth was 11.0%. Between 2040 and 2050 in Bedrock, nominal GDP growth was    % and economic growth was    %. Give your answers to one decimal place.

Q: Go to these links: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2018&start=2000…

A: We have taken India's GDP. GDP(current US $) in trillion is our nominal GDP. To calculate real GDP,…

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Q: a. What is real GDP per capita in year 2? $ 54500 b. What is real GDP in year 2? EA trillion

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A: A country's entire economic production for a certain period of time, usually a year, is measured by…

Q: mat nominal GDP was $12 trillion in 2040 in Mordor. In 2050, nominal GDP was $15 trillion in Mordor.…

A: Nominal GDP estimates a nation's GDP utilizing current costs, without adapting to inflation. Balance…

Q: A closed economy produces three products, bread, cloth and rice, in 2019 and 2020, as shown in the…

A: Nominal GDP are measure on current year price on the other hand Real GDP measure on Base year price.

Q: What is real GDP per capita if a country's real GDP is $6.98 trillion and that country's population…

A: GDP per capita is the ratio of total Gross domestic product and total population .

Q: Consider this data from a hypothetical country in 2020: Nominal GDP was calculated to be $12,600…

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Q: Suppose the Philippines experiences a period of high inflation (>4%) in 2022, which stabilizes into…

A: Here, it is given that Phillipines has a high inflation in 2022 and stabilizes the economy to more…

Q: In the box on New Zealand, we derived an equation showing how the IIP changes over time: IIPt+ 1 =…

A: GDP, or Gross Domestic Product, quantifies the total market value of all final goods and services…

Q: a. If the GDP deflator is 125 in a country whose real GDP is calculated as 400 billion TL in 2019,…

A: a) According to the question, GDP deflator in year 2019 is 125, real GDP in year 2019=400 billion…

Q: If the GDP deflator in 2019 equals 1.1 and nominal GDP in 2019 equals $21.5 trillion, what is the…

A: GDP deflator A gauge of inflation is the GDP deflator, often known as the implicit price deflator.…

Q: Part A: The base year in a country for the calculation of national income data is 2012. Real GDP in…

A: GDP or gross domestic product is the sum of the value of all end commodities produced within the…

Q: Suppose that in the year of 2020, Country A’s natural rate of unemployment was 5% and its actual…

A: Gross Domestic Product is a measure of the value of all of the products and services generated in…

Q: For the United States, with a current nominal GDP of about $28 trillion, the difference between a 8…

A: GDP refers to the total monetary value of all final goods and services that an economyc produce in a…

Q: Figure 25-1. On the horizontal axis, K/L represents capital (K) per worker (L). On the vertical…

A: Option a: This option is correct because if both the quantity of physical capital (K) and the number…

Q: Assume that you are told a country’s nominal GDP decreased from one year to the next.  All of the…

A: Gross domestic product (GDP) that hasn't been adjusted for inflation is referred to as nominal GDP.…

Q: We learn to see economic expansion as natural and good. When the economy stays the same for a number…

A: The business cycle shows the upward and downward movement of the gross domestic product. It…

Q: Suppose nominal GDP in 2020 is $16 trillion and the price index is 120; nominal GDP in 2021 is $17…

A:

Q: If the GDP deflator in 2020 equals 2 and nominal GDP in 2020 equals $20 trillion, what is the value…

A: The GDP deflator is a measure that reflects the average price change of all goods and services…

Q: What is real GDP per capita if a country's real GDP is $5,968 billion and that country's population…

A: Real GDP per capita, also known as per capita income or income per person, is a macroeconomic…

Q: Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also…

A: The total value of all goods and services generated inside a nation's boundaries during a certain…

Q: Notice that real GDP trends upward over time but experiences ups and downs in the short run. These…

A: The business cycle refers to the various phases of up and down in the economy. The fall and rise of…

Q: Nominal GDP growth is 3 percent. Inflation is 4 percent. What is real GDP growth? O 12 percent -7…

A: GDP stands for Gross Domestic product and it is the value of all final goods and services produced…

Q: Based on the GDP information in the table below for 2 countries:   Country A Country B GDP per…

A: A developed economy is one that is found in a developed country with a high level of economic growth…

Q: nominal gdp in year 1 is 500. if gdp deflator doubles in year 8 while real output increases by 60…

A: The terms: Nominal GDP: The nominal GDP of a rustic is calculated using current prices and isn't…

Q: Marketopia's real GDP was $520 billion in 2014 and $550 billion in 2015. Its population was 150…

A: GDP(gross domestic product) per capita is obtained by dividing the GDP by population. It is useful…

Q: If consumption is $500, government expenditures is $200, GNP is $800, Gross Private Domestic…

A: The Gross National Product (GNP) is the sum of expenditure incurred by various sectors of the…

Q: Suppose that nominal GDP was $20 trillion in 2040 in Bedrock. In 2050, nominal GDP was $18 trillion…

A: The nominal GDP was $20 trillion in 2040.In 2050 the nominal GDP was $18 trillion.The price level…

Q: Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 5 bars…

A: In economics, GDP can be expressed in two ways, namely, Nominal and Real GDP. Nominal GDP expresses…

Q: Nation A's real GDP was $520 billion in 2015 and $550 billion in 2016. Its population was 150…

A: Gross domestic product refers to final value of all goods and services produced in a territory of a…

Q: Suppose that real GDP was $2265 billion in 2018 and $2285 billion in 2019. Calculate the growth rate…

A: Given:GDP in 2018=$2265GDP in 2019=$2285

Q: If nominal GDP decreased by 3 percent and the GDP deflator increased by 1 percent, then real GDP…

A: Introduction Real GDP is defined as the total amount spent on the manufacturing of goods and…

Q: Which one of the following statements is correct? * In a monetary economy there always ha: be a…

A: As per the guidelines answer is given to three sub-parts: 1) "Money can never lose its usefulness as…

Q: In 2015, real GDP was SAR 12,247 billion. In 2018, it was SAR13,206 billion. During the same period,…

A: Here we calculate the per person growth and the real GDP growth by using the given information so…

Q: Suppose that between 2015 and 2016, nominal GDP grew by 7%. If the price level grew by 2.5% and…

A: Given;

Q: Suppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in…

A: 1. Real GDP = nominal GDP / price level  Price Index 2018 = 150/100 = 1.5 Price Index 2019 = 153/100…

Q: Calculate the nominal and real GDP in 2006 and 2007, the GDP deflator and the growth rate in real…

A: GDP is equal to the sum of current year price multiply by current year  quantity of goods.

Q: Suppose that nominal GDP was $9250000.00 in 2005 in Orange County California. In 2015, nominal GDP…

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Q: Suppose that nominal GDP was $9000000.00 in 2005 in Montgomery County Maryland. In 2015, nominal GDP…

A: Given,  Nominal GDP(current year) = $11500000 Nominal GDP(base year) = $9,000,000 Inflation = 2%…

Q: Calculate GDP growth rate

A: GDP: The Economic growth of a country is measured in GDP terms where GDP is the measurement of the…

Q: real and nominal GDP

A: The value of all goods and services’ produced in a year within a domestic boundary depicts the…