Question: Use the information in the table below to answer the following questions. a. Calculate the percent increase in nominal GDP between 2005 and 2010 for

Use the information in the table below to answer the following questions.

a. Calculate the percent increase in nominal GDP between 2005 and 2010 for each country.

b. What happened to the price level in each country between 2005 and 2010?

c. Calculate real GDP in each country in 2010, using 2005 as the base year.

d. Calculate the percent increase in real GDP between 2005 and 2010 for each country.

e. Compare the two countries’ real GDP per capita in 2010 using 2005 as the base year. Year Nominal GDP Price Level Population Country A 2005 $2,000 $100 10 2010 4,000 100 20 Country B 2005 $2,000 $100 10 2010 6,000 200 15

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