Question: In 2012, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2013, its population had

In 2012, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2013, its population had increased to 12 million, its nominal GDP had risen to $57.6 billion, and its price index had increased to 120. What was this nation's economic growth rate during the year?

Step by Step Solution

★★★★★

3.47 Rating (176 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Given In 2012 Population of the country 10 milion Nominal GDP GDP 1 40 ... 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 (6791).docx

120 KBs Word File

Students Have Also Explored These Related Economics Questions!

In 2012, a nation's population was 10 million, its real GDP was $1.21 billion, and its GDP deflator had a value of 121. By 2013, its population had increased to 12 million, its real GDP had risen to...

In 2016, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2017, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2018, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2019, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2021, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2022, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2014, a nations population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2015, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2021, a nation's population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2022, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2018, a nations population was 10 million. Its nominal GDP was $40 billion, and its price index was 100. In 2019, its population had increased to 12 million, its nominal GDP had risen to $57.6...

In 2012, a nations population was 10 million. Its nominal GDP was $40 billion, and its price index was

In 2013, its population had increased to 12 million, its nominal GDP had risen to $57.6 billion, and its price index had increased to

Final_Exam_Macro Question 1 (2 points) Purchasing-power panty theory does not hold at all times because many goods are not easily transported and the same goods produced in different countries may be...

The gross domestic product (GDP) is an important measure of the overall economic strength of a country. GDP per capita makes comparisons between different size countries more meaningful. A researcher...

Enterprise. GH GH 6,000 Stock 1/1/1998 Cash at Bank Cash in Hand \Furniture and fittings 3,000 1,200 4,200 50,000 2,000 30,000 1,000 9,000 4,000 Purchases Carriage Inwards Wages Insurance- Fuel &...

Question Content Area The present value of an annuity is the present value of a series of equal cash flows that occur in the future. True False

If a recessionary gap occurs in the short run, then in the long run a new equilibrium arises when input prices and expectations adjust downward, causing the short-run aggregate supply curve to shift...

Could the court have severed the unconscionable portions of the arbitration clause and otherwise allowed arbitration to proceed? Why or why not?

The dealers contract also provided that Addy did not have to submit to arbitration any claims it might have against Simpson for monies owed and that these claims shall not be stayed pending the...

Juan is an elderly man who lives with his nephew, Samuel. Juan is totally dependent on Samuels support. Samuel tells Juan that unless he transfers a tract of land he owns to Samuel for a price 35...

Foster Industries sells on terms of 2/10, net 35. Gross sales last year were $450,000, and ac- counts receivable averaged $60,000. Half of Fosters customers paid on Day 10 and took dis- counts. (a)...

p should be a value of 0.5 or 50%% ? 7. A recent survey found that out of a random sample of 130 drivers, 80 of them wear seatbelts. What is the 95% confidence interval for the proportion p of...

Use the sample information x x= 36, = 7, n = 17 to calculate the following confidence intervals for assuming the sample is from a normal population. (a) 90 percent confidence. (Round your answers to...