Question: A nation's per capita real GDP was $2,000 in 2011, and the nation's population was 5 million in that year. Between 2011 and 2012, the

A nation's per capita real GDP was $2,000 in 2011, and the nation's population was 5 million in that year. Between 2011 and 2012, the inflation rate in this country was 5 percent, and the nation's annual rate of economic growth was 10 percent. Its population remained unchanged. What was per capita real GDP in 2012? What was the level of real GDP in 2012?

Step by Step Solution

★★★★★

3.44 Rating (154 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Economic growth rate is the change in percapita real GDP over a year The change i... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

985-B-E-M-E (6794).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

masonry and timber The cantilever masonry wall shown below has the following properties: 8 " normal weight concrete masonry block ( compressive strength of block is 3 2 5 0 psi ) Fully - grouted wall...

Consider the following table displaying annual growth rates for nations X, Y, and Z, each of which entered 2011 with real per capita GDP equal to $20,000: a. Which nation most likely experienced a...

Per capita real GDP in country L is three times as high as in country M. The economic growth rate in country M, however, is 8 percent, while country L's economy grows at a rate of 5 percent. Use...

Per capita real GDP in country S is only half as great as per capita real GDP in country T. Country T's rate of economic growth is 4 percent. The government of country S, however, enacts policies...

Using the GDP deflator in Table 10, calculate the average annual inflation rate that the U.S. experienced over the period beginning with the year of your birth and ending with 2022. (Note: You do not...

Question 1 Not yet answered Marked out of 1.00 Flag question Question text In the simple aggregate expenditure model where all components of aggregate expenditure are autonomous except consumption,...

A nations per capita real GDP was $2,000 in 2011, and the nations population was 5 million in that year. Between 2011 and 2012, the inflation rate in this country was 5 percent, and the nations...

Growth Rate GDP per capita Growth and Rule of 72 Current Year Real GDP $8.4 trillion Population 202 million GDP per Capita $ Previous Year $8.0 trillion 200 million $ . Formulas you could use: Growth...

9. The per capita real GDP is usually a better measure of the economic well-being in a country than the real GDP itself. If the real GDP of an economy grows by 6% and the population grows by 2%, the...

The following table gives nominalGDP, realGDP, and the population for two years. Find per capita real GDP in each year and fill in the table (Round your answers to two decimal places. Year 2010 2011...

Economics. Briefly explain 34. If the central prediction of the growth model of Solow is valid then : (1) Per capita real GDP difference among nations will increase (2) Per capita real GDP difference...

Estimate the pressure exerted on a floor by ( a ) one pointed heel of area = 0.45 cm 2 , and ( b ) one wide heel of area 16 cm 2 . The person wearing the shoes has a mass of 56 kg. answers are: (a)...

You are looking to save $ 90000,you currently have $15000 in the bank and plan on saving an additional $600 per month until you have the $90000 .you are going to get a interest of 4.5%. How long will...

\ ( 7 ( 1 0 \ mathrm { pt } ) \ ) . Upon the birth of their first child, a couple deposited 1 0 0 0 0 dollars in an account that pays \ ( 4 \ % \ ) interest rate annually compounded continuously....

1) Ch 21 begins with a discussion of the differences between Absorption Costing and Variable Costing. Think back to the various methods we have worked with this semester -- job order costing, process...

Wealth Company has the following transactions for the month of November: Purchased materials on account for $300,000 Materials requisitioned for $75,000 Direct labor for the month was incurred (but...

Discuss why a company's purchase of an affiliate's bonds from an outside entity constitutes a constructive retirement of debt from the consolidated viewpoint.

Steele Corporation has the following information for January, February, and March: January February March Units produced 10,000 10,000 10,000 Units sold 7,000 8,500 10,500 Production costs per unit...

What relationship, if any, do you see between the scientific revolution associated with Newton and others and Humes most significant contribution to economics? Explain.

Discuss whether either of the following contracts will be unenforceable on the ground that voluntary consent is lacking: (a) Simmons finds a stone in his pasture that he believes to be quartz....

Lund offered to sell Steck his car and told Steck that the car had been driven only 25,000 miles and had never been in an accident. Steck hired Carvallo, a mechanic, to appraise the condition of the...

In 1987, United Parcel Service Co. and United Parcel Service of America, Inc.(together known as UPS), decided to change the parcel delivery business from relying on contract carriers to establishing...

Give three concrete examples drawn from a programming language with which you are familiar in which a variable is live but not in scope

index

P9-6 Defining and Analyzing Changes in Current Liabilities LO9-1 International Business Machines (IBM) is a leading provider of computer products and services. The company is known for its hardware...