A nation's real GDP was $250 billion in Year 1 and $270 billion in Year 2. Its population was 120 million in Year 1 and 125 million in Year 2. What is its real GDP growth rate in Year 2?

Q: If personal income is the currently the same in two countries "India" and "China," but India has a…

A: Personal income is the amount of money collectively received by the inhabitants of a country.

Q: Income claculation for year 2013 are : Consumption=$40, Government Expenditure=$50, Investment=$25,…

A: The process by which a country's wealth increases over time is known as economic growth. Although…

Q: real GDP

A: GDP or gross domestic product is the value of the goods & services that are produced within the…

Q: Why do we measure economic growth using Real GDP rather than Nominal GDP

A: Real GDP, It is  the total value of goods and services produced Within a political boundary of a…

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Q: Give five reasons why GDP is the most widely used measurement in determining economic growth and…

A: The measure that depicts the final value of goods and services being produced in an economy during a…

Q: Level of GDP in year 0 equals 100. In the next four years rate of nominal annual GDP growth is…

A: Nominal GDP, year 1 = 100 x 1.07 = 107 Nominal GDP, year 2 = 107 x 1.07 = 114.49 Nominal GDP, year 3…

Q: An emerging country has a real GDP of $1446.7 billion. After one year, real GDP has grown to $1534…

A:

Q: If a country were to increase its saving rate, then in the long run it would also increase its…

A: The answer is - Growth rate of productivity

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given Information: Real GDP in year 1 = $30,000 Real GDP in year 2 = $31,200 Population in year 1 =…

Q: The Real GDP for a country is $450 million in 2020. The population of the country is 125 million as…

A: Real GDP is the value of final goods and services produced in the economy within a given period of…

Q: Why did the average GDP growth rate declined in Western Europe during the period of 1913- 1950…

A: It is the total value of goods and services that are produced in a country during a given period of…

Q: Suppose an economy’s real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of…

A: Given: Real GDP in year 1 = $30,000  Real GDP in year 2 = $31,200  Population in year 1 = 100…

Q: À nation's real GDP was $300 billion in Year 1 and $309 billion in Year 2. Its population was 120…

A: When the total amount of goods and services produced in the economy by taking into consideration of…

Q: 4.2 I dont understand how im supposed to do this without any numbers to use

A: In this case the rule of 70 is used.The rule of 70 basically estimates the number of years in which…

Q: Nominal GDP of country B grows from $30 billion to $33 billion between 2020 and 2021. Between 2020…

A: A government's nominal GDP is determined using price levels and is not indexed to inflation. Compare…

Q: 4.1 If real GDP in a small country in 2017 is $8 billion and real GDP in the same country in 2018 is…

A: GDP or gross domestic product refers to the total value of all goods and services produced in an…

Q: In 2017, the GDP of Canada was $8800. Suppose that Canada has a growth rate of 3.2%. a. What is…

A: The GDP refers to the price value of all final goods and services produced annually in a country.…

Q: Q.2.1.4 Did Suniland experience economic growth in 2017? Show your calculations.

A: Nominal GDP refers to the market value of goods and services at current year prices. Real GDP refers…

Q: Calculate growth rate of real GDP in 2019 compared to 2009. Show calculations

A: Real GDP measures market value of goods and services using constant set of prices.

Q: A nation's real GDP was $300 billion In Year 1 and $309 billion in Year 2. Its population was 120…

A: Real GDP measures the value of goods and services produced in an economy with prices constant. GDP…

Q: Which of the components of GDP must increase if we are to experience greater rates of economic…

A: Hello, thank you for the question. Since there are multiple questions posted in the single question,…

Q: Malaysia’s real GDP was $560 billion in 2010 and $570 billion in 2011. Malaysia’s population was…

A: i. Economic growth rate = {(GDP at present value -GDP at initial value)/ GDP at initial value}* 100…

Q: Briefly differentiate between nominal and real GDP. Why is real GDP more relevant measure of…

A: In an economy, gross domestic product is highly used to make economic policies because it provide…

Q: Why is real GDP a better measure of economic growth than nominal GDP?

A: Nominal GDP refers to the total value of finished goods and services that produced within the…

Q: Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What…

A: The real GDP of a country relies upon the input of labour multiplied by the productivity of labour.…

Q: Nominal gross domestic product (GDP) increased from $15 trillion to $17 trillion, and the price…

A: Given: The nominal GDP increases from = $15 trillion to $17 trillion The price level increases from…

Q: In 1960, per-capita GDP in Japan was 1/3 of that in the UK. By 1990, Japan and the UK had equal GDP…

A: Following formulas are used, Total growth rate of per capita GDP = Average growth rate of per capita…

Q: A small county wants to increase its real GDP from $18,000 to $36,000. If they want this to happen…

A: If annual average growth rate is g, then Initial GDP x (1 + g)N = New GDP

Q: Although economic growth is typically measured by calculating the rate of change in real GDP, there…

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: Explain about the positive relation between growth rate and standard of living of a country.

A: Economic growth is the rise in an economy's production of goods and services. The rise in capital…

Q: In 2020, the GDP was approximately $20 trillion.  If GDP is expected to double in 20 years, what is…

A: Given  GDP in year 2020 = $20 trillion  It is expected to double in the next 20 years  It means that…

Q: Name and explain three of the five policies to achieve faster economic growth.

A: When comparing one period of time to the next, economic growth refers to an increase in the…

Q: Why is Real GDP a better indicator of productive growth than Nominal GDP ?

A: Gross Domestic Product (GDP) measures the value of final goods and services produced with in the…

Q: Real GDP growth rate for 2016 and GDP deflator in 2016

A: Y=C+I+G+NXwhere Y=GDP which is equal to the gross market value of all goods and services produced…

Q: Suppose that in a particular country, nominal gross domestic product(GDP) grew by 8 percent and the…

A: In an economy, nominal GDP provide information about the total income generated in a specific year,…

Q: Compare the nominal GDP growth rates and the real GDP growth rates for 2015, 2016, and 2017. What do…

A: Real GDP refers to the value of all final goods and services that produced in the economy during a…

Q: The GDP growth has been limited to 1% in the Ottoman economy in the period of 1820-1913. How can you…

A: GDP: It is the final value of goods and services that are produced within a country during a…

Q: What rate of GDP growth would the government need to meet its goal of doubling the population's…

A: If the government want to meet its goal of doubling the living standard in 18 years then they are…

Q: Last year real GDP in the imaginary nation of Oceania was 561.0 billion and the population was 2.2…

A: Here, real GDP per person-year before last year =500000/2=250000 real GDP per person last year…

Q: If real GDP in year 1 is $487 billion and it is $498 billion in year 2, what is the economic growth…

A: The term real GDP is defined as the inflation-adjusted value of all final products or goods and…

Q: Explain what policies can a government undertake to achieve faster economic growth?

A: In an economy, faster economic growth can be achieved to improve the overall efficiency of markets…

Q: Nominal GDP of country B grows from $30 billion to $33 billion between 2020 and 2021. Between 2020…

A: An economic growth rate is the rate change in the worth of the merchandise as a whole and…