Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 21.A, Problem 5SPP
To determine
To compare:
Growth rates of nominal and real GDP in 2016.
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Nominal GDP of country B grows from $30 billion to $33 billion between 2020 and
2021. Between 2020 and 2021, inflation rate is 6% and population growth rate is 2%.
Calculate economic growth rate between 2020 and 2021.
Answer: Economic growth rate =
Determine the GDP trend in economic growth over the period of 1989 – 1999.
Country/Area
Year
Unit
Gross Domestic Product (GDP)
Thailand
1989
Baht
1,924,426,113,246
Thailand
1990
Baht
2,263,299,209,116
Thailand
1991
Baht
2,583,490,817,016
Thailand
1992
Baht
2,935,677,642,139
Thailand
1993
Baht
3,263,426,000,000
Thailand
1994
Baht
3,689,090,000,000
Thailand
1995
Baht
4,217,614,000,000
Thailand
1996
Baht
4,638,604,000,000
Thailand
1997
Baht
4,710,310,000,000
Thailand
1998
Baht
4,701,553,000,000
Thailand
1999
Baht
4,789,826,000,000
Transport,
storage and
communication
Wholesale, retail
Agriculture,
hunting, forestry,
fishing (ISIC A-B)
Other
Mining,
Manufacturing,
Utilities (ISIC C-E) (ISIC D)
trade, restaurants
Total
Manufacturing Construction and hotels (ISIC G-
Activities Value
Country/Area Year Unit
(ISIC F)
H)
(ISIC I)
(ISIC J-P) Added
Thailand
1989 Percentage
9.8
15.5
16.1
28.9
9.7
10.6
8.2
11.9
Thailand
1990 Percentage
-4.7
15.1
15.6
21.9
10.9
14
13.8
11.8
Thailand
1991 Percentage…
In 1950 GDP in the United Kingdom (measured in year 2005 pounds) was £317 billion. In 2000 it was £1,108 billion. Calculate the growth rate of real GDP in the United Kingdom over this period. Now suppose that the United Kingdom grows at the same rate for the 50 years following 2000. What will the UK real GDP be in the year 2050?
Chapter 21 Solutions
Foundations of Economics (8th Edition)
Ch. 21.A - Prob. 1SPPCh. 21.A - Prob. 2SPPCh. 21.A - Prob. 3SPPCh. 21.A - Prob. 4SPPCh. 21.A - Prob. 5SPPCh. 21.A - Prob. 6SPPCh. 21.A - Prob. 7SPPCh. 21.A - Prob. 1IAPCh. 21.A - Prob. 2IAPCh. 21.A - Prob. 3IAP
Ch. 21.A - Prob. 4IAPCh. 21.A - Prob. 5IAPCh. 21.A - Prob. 6IAPCh. 21.A - Prob. 7IAPCh. 21 - Prob. 1SPPACh. 21 - Prob. 2SPPACh. 21 - Prob. 3SPPACh. 21 - Prob. 4SPPACh. 21 - Prob. 5SPPACh. 21 - Prob. 6SPPACh. 21 - Prob. 7SPPACh. 21 - Prob. 8SPPACh. 21 - Prob. 9SPPACh. 21 - Prob. 10SPPACh. 21 - Prob. 1IAPACh. 21 - Prob. 2IAPACh. 21 - Prob. 3IAPACh. 21 - Prob. 4IAPACh. 21 - Prob. 5IAPACh. 21 - Prob. 6IAPACh. 21 - Prob. 7IAPACh. 21 - Prob. 8IAPACh. 21 - Prob. 9IAPACh. 21 - Prob. 10IAPACh. 21 - Prob. 11IAPACh. 21 - Prob. 12IAPACh. 21 - Prob. 1MCQCh. 21 - Prob. 2MCQCh. 21 - Prob. 3MCQCh. 21 - Prob. 4MCQCh. 21 - Prob. 5MCQCh. 21 - Prob. 6MCQCh. 21 - Prob. 7MCQ
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