The table below presents a brief summary of City Y’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend. Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.
The table below presents a brief summary of City Y’s total spending, local GDP, and population changes. Read the table and answer the following questions. 2010 2020 Total spending ($ million) 89 104.12 Local GDP ($ millions) 110 134 Population 50,000 56,275 CPI deflators (2012=1) 0.96 1.05 Calculate per capita spending in 2010 and 2020, respectively, using constant dollars. *Results round to the nearest dollar. Calculate the compound annual growth rate of per capita spending from 2010 to 2020 Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend. Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 1SQ
Related questions
Question
- The table below presents a brief summary of City Y’s total spending, local
GDP , and population changes. Read the table and answer the following questions.
|
2010 |
2020 |
Total spending ($ million) |
89 |
104.12 |
Local GDP ($ millions) |
110 |
134 |
Population |
50,000 |
56,275 |
|
0.96 |
1.05 |
- Calculate per capita spending in 2010 and 2020, respectively, using constant dollars.
*Results round to the nearest dollar.
- Calculate the compound annual growth rate of per capita spending from 2010 to 2020
- Interpret what the two spending-to-GDP ratios tell us about City Y’s spending trend.
- Assuming City Y’s population grows at a constant rate in the next decade. Based on the information in the table, estimate City Y’s population in 2030.
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