Suppose that nominal GDP was $50 million in 2020 in country A. In 2021, nominal GDP was $51 million. The price level rose 1.3% between 2020 and 2021, and population growth was 0.1% between 2020 and 2021.

Use the given information to answer questions 8 - 12.

Flag question: Question 8

Question 81 pts

Calculate the nominal GDP growth rate.
Answer: The nominal GDP growth rate = _________%

Flag question: Question 9

Question 91 pts

Calculate the real GDP growth rate
Answer: The real GDP growth rate = _________%

Flag question: Question 10

Question 101 pts

Calculate the economic growth rate
Answer: The economic growth rate = _________%

Flag question: Question 11

Question 111 pts

Suppose country A maintains the same economic growth rate, how long does it take for the real GDP per capita to double? (Round your answer to nearest first decimal place.)
Answer: It will take ________ years for the real GDP per capita to double.

Flag question: Question 12

Question 121 pts

The government of country A works hard to maintain political stability. This is related to which factor of economic growth? [ Select ] ["Natural resources", "Physical capital", "Human capital", "Technology", "Institutions"]

Answer rating: 100% (QA)

Question 8 Calculate the nominal GDP growth rate Answer The nominal GDP growth rate 200 Solution The nominal GDP growth rate is calculated as the percentage change in nominal GDP from 2020 to 2021 Nom... View the full answer