Consider the following: Year Population (Millions) Real GDP ($ Billions) GDP Deflator 2018 9.81...
Question:
Consider the following:
| Year | Population (Millions) | Real GDP ($ Billions) | GDP Deflator |
| 2018 | 9.81 | 1.22 | 121 |
| 2019 | 11.77 | 1.51 | 125 |
Calculate the percentage change in per capita real GDP between 2018 and 2019?
Law of diminishing marginal utility:
According to the law of diminishing marginal utility, the consumption of one good in continuing manner gives the less marginal utility. For example:- when we consume bagels then the marginal utility falls and as we consume an additional unit of bagels then the marginal utility reaches at its zero and after a certain unit of bagels, the marginal utility becomes negative.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer
In 2018
Real GDP per capita = Real GDP / Population
Real GDP per capita = 1.22 / 9.81
Real GDP per capita = 0.124
In 2019
Real GDP per capita =...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:
Get access to this video and our entire Q&A library
Real GDP Growth Rate | Definition, Formula & Examples
from
Chapter 5 / Lesson 7
16K
Learn what the real GDP growth rate represents. See how to calculate the growth rate of real GDP using the real GDP growth rate formula and find solved examples.
Related to this Question
- Calculate the change in the number of years it will take for real GDP per person in India to double if real GDP per person increases from 5 percent a year to 8 percent a year. When real GDP per person
- 1) Find real GDP in 2016 with 2015 as the base year. 2) Find real GDP in 2015 with 2016 as the base year. 3) How much did the economy grow in terms of real GDP from 2015 to 2016? Does it make a difference which base year you use? Explain.
- The population in the current year is 275 million and the real GDP is $9 trillion. The previous year's statistics were a population of 270 million and a real GDP of $8.6 trillion. The change in the standard of living, measured by growth in real GDP per pe
- From the table above, calculate the GDP deflator for 2017 to 2019, taking 2016 as the base year, and then find the percentage change in GDP deflator for 2017 to 2019.
- Refer to the table given below. Between years 1 and 2, real GDP grew by [{Blank}] percent in Alta. |Year |Alta (Real GDP) |Zorn (Real GDP) |Alta (Population) |Zorn (Population) |1| $2,000| $150,000| 200| 500 |2 |2,100 |152,000 |202| 505 |3|2,200 |154,0
- A. Compute the percentage change in nominal GDP, real GDP, and GDP deflator in 2017 and 2018 from the preceding year. B. For each year, identify the variable that does not change. Explain why your answer makes sense.
- A nation's real GDP was $250 billion in 2013 and $265 billion in 2014. Its population was 122 million in 2013 and 125 million in 2014. What is the growth rate of real GDP per capita in 2014? a. 1.1%
- Real GDP was $8,500 billion in Year 1 and $8,700 billion in Year 2. The population fell from 250 million in Year 1 to 240 million in Year 2. What was the approximate increase in real GDP per capita rate from Year 1 to Year 2? a. 1.3% b. 2.4 percent c. 6.6
- Last year real GDP in the imaginary nation of Populia was 907.5 billion and the population was 3.3 million. The year before real GDP was 750 billion and the population was 3 million. What was the growth rate of real GDP per person during the year?
- Suppose a country has a real GDP equal to $1 billion today. If this economy grows at a rate of 4 percent a year, what will be the value of real GDP after five years?
- Suppose an economy's real GDP is $40,000 in year 1 and $42,200 in year 2. Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
- Refer to the table given below. Between years 2 and 3, real GDP grew by [{Blank}] percent in Zorn. |Year |Alta (Real GDP) |Zorn (Real GDP) |Alta (Population) |Zorn (Population) |1| $2,000| $150,000| 200| 500 |2 |2,100 |152,000 |202| 505 |3|2,200 |154,0
- Assume that Real GDP in the U.S in 2015 was equal to $17.60 trillion and the GDP price deflator in 2015 was equal to 124.00 (which you should divide by 100 to use in your calculations). Use this infor
- a. Suppose an economy's real GDP is $46,000 in year 1 and $49,200 in year 2. What is the growth rate of its real GDP? b. Assume that the population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
- A) Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? B) Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GDP per capita?
- Suppose a country's real GDP is $18 trillion and the population is 300 million. a) What is this country's real GDP per capita? Suppose that during the next 10 years, real GDP grows by half, and population triples in the country. b) After 10 years have p
- Assume that real GDP in the U.S. in 2015 was equal to $17.60 trillion and the GDP price deflator in 2015 was equal to 124.00 (which you should divide by 100 to use in your calculations). Assume that the quantity of money (MI) in 2015 was $3.50 trillion.
- A country's rate of real GDP growth is 3% per year. Its population is growing 4% per year. At what rate is its real GDP per capita changing? Select one: a. Real GDP per capita is increasing by 0.75%.
- Suppose the real GDP in the United States was $13,571.5 billion for the year 1. In year 2, it was $14,250.0 billion. What was the rate of growth in the real GDP, from year 1 to year 2, in the United States?
- In 2012, real GDP in a country was $752.5 billion and the population was 3.5 million. In 2013, real GDP was $810 billion and the population was 3.6 million. What was the growth rate in real GDP per person during the year?
- Suppose year 1 is taken as a base period. The nominal GDP that year is pound 500 billion. By a later year 2, nominal GDP has reached pound 700 billion but the GDP deflator is 125. What will real GDP be each year?
- Given below are data on real GDP and potential GDP for the nation of Anaziland for the years 2009 2013, in billions of 2009 currency. For each year, calculate the output gap as a percentage of potenti
- Suppose nominal GDP in 2010 was $120,008,000 and in 2011 it was $130,000,000. The GDP price index in 2010 was 140 and in 2011 it was 150. The population in 2010 was 25,600 and in 2011 it was 35,000. 1. Calculate Real GDP and Real GDP per capita in each ye
- Real per capita GDP in USA was $50,064 in 2014 and $50,969 in 2015: what is the percentage change in real per capita GDP between 2014 and 2015?
- Suppose real GDP was 120 in year 1 and 152 in year 2. What was the growth rate of real GDP?
- Suppose that real GDP starts at 100 and grows at a rate of 10 percent per year for two years. In the third year, what would be the real GDP? Show calculations.
- Consider the following table on U.S. GDP. (a.) What were the growth rates of nominal GDP and the GDP deflator between 2002 and 2012? (b.) Measured in 2005 prices, what was real GDP in 2002 and in 201
- Consider the following data on nominal GDP and real GDP (values are in billions of dollars). Years Nominal GDP Real GDP 2012 $14,078 $13,254 2013 14,441 13,312 The GDP deflator for 2013 equals? a. 9
- Suppose an economy's real GDP is $46,000 in year 1 and $49,200 in year 2. a. What is the growth rate of its real GDP? Round your answer to two decimal places. b. Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of real GD
- Last year, the real GDP in the imaginary nation of Oceania was $564.0 billion and the population was 2.2 million. The year before, the real GDP was $505.0 billion and the population was 2.0 million. What was the growth rate of real GDP per person during t
- Compute Nominal GDP, Real GDP, GDP deflator, and Growth Rate of GDP for the following:
- Suppose real GDP was 120 in year 1 and 156 in year 2. The growth rate of real GDP is [{Blank}]%.
- GDP rises from $20 trillion in 2017 to $23 trillion in 2018, but the price level remains the same. (a) How much is real GDP in 2018? (b) By what percentage did real GDP rise between 2017 and 2018?
- Last year real GDP in Greatland was 651 billion and the population was 2.4 million. The year before, real GDP was 460 billion and the population was 1.9 million. What was the growth rate of real GDP per person during the year? a. 12 percent. b. 10 percent
- Suppose a country has a real GDP in Year 1 of $10 trillion and a real GDP in Year 2 of $11 trillion. What is the growth rate of GDP in this country? a. 1% b. 5% c. 10% d. 11%
- If real GDP equals? $11,567 billion in 2006 and? $11,916 billion in? 2007, and assuming population is constant over those two? years, how many years will it take for real GDP per capita to? double?If
- Suppose a nation has a GDP per capita of $25,000. If the GDP per capita is growing at 5% a year how long will it take before GDP per capita reaches $100,000? a. 40 years b. 34 years c. 28 years d. 10 years
- Consider the following table displaying annual growth rates for nations X, Y, and Z, each of which entered 2017 with real per capita GDP equal to $20,000. Annual Growth Rate (%) Country 2017 2018 2019 2020 X 7 1 3 4 Y 4 5 7 9 Z 5 4 3 2 a. The nation that
- Suppose that during a given year, the quantity of U.S. real GDP that can produced in the long run rises from $17.9 trillion to 18.0 trillion, measured in based-year dollars. During the year on change
- In 2016, the country of Vertigo had a real GDP of $500 billion and a population of 20 million. In 2017, real GDP rose by 8% while its population grew by 3%. What are the values of GDP per capita in 2016 and 2017?
- Calculate the value of Nominal GDP, Real GDP, and the GDP Deflator for the year 2002.
- Show how to find Real GDP for a certain year using Nominal GDP and Price Index of the given year.
- Suppose an economy's real GDP is $30,000 in year 1 and $31,000 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of
- What is real GDP in 2014 if nominal GDP in 2014 is $15,000 billion, the GDP deflator in 2014 is 120, and the GDP deflator in 2010 was 100? A. $12.500 billion B. $16.500 billion C. $14,010 billion D. $13,636 billion E. $9.1 billion
- If in some year real GDP was $15 trillion and the GDP deflator was 300, what was nominal GDP?
- Suppose an economy's real GDP is $50,000 in the first year and $53,500 in the second year. 1) What is the growth rate of its real GDP between the first and second year? (Assume that population is 100
- Consider the following information. A.) In 2007, the nominal GDP was 9900, the real GDP was 8609, and the population was 100. Given this information, what is the per-capita real GDP? B.) In 2008, the
- Calculate the approximate number of years it will take for real GDP per person to double if an economy maintain an economic growth rate of 12 precent a year and a population growth rate of 7 precent a
- If the nominal GDP is $559 billion in the base year, and it rises to 660 in year 1 and 754 in year 2, calculate the real GDP in each year, given that the price index has risen from 100 to 113.5 in yea
- If in some year, nominal GDP was $10 trillion and real GDP was $4 trillion, what was the GDP deflator? a. 25 b. 40 c. 250 d. 400
- Suppose an economy's real GDP is $27,606 in year 1 and $31,686 in year 2. Also suppose that the same economy's population is 248 in year 1 and 310 in year 2. Note: Keep as much precision as possible during your calculations. Your final answer should be ac
- If real GDP equals $11,567 billion in 2006 and $11,916 billion in 2007, and assuming the population is constant over those two years, how many years will it take for real GDP per capita to double?
- If in some year nominal GDP was $2,000 billion and the GDP deflator was 250, what was real GDP? a.) $5,000 billion b.) $2,250 billion c.) $1,000 billion d.) $ 800 billion
- Calculate the GDP deflator in 2015 and 2016 using 2016 as the base year.
- Consider the following data on U.S. GDP: Nominal GDP GDP Deflator Year (Billions of dollars (Base year 2005) 2012 15,676 115.4 2002 10,642 92.2 a) What was the growth rate of nominal GDP between 20
- GDP per capita in the U.S. was $49,000 dollars in 2012. Given the following three assumptions with zero population growth, what will it be in 2022 if GDP per capita grows each year by: 0% growth rate
- Suppose a nation's real Gross Domestic Product (GDP) grows at a constant rate of 5% per year while its population grows 2% annually. Given this information, this nation's annual rate of per capita rea
- Year Nominal GDP Real GDP 2007 14,078 13,254 2008 14,441 13,312 Refer to the table above. Consider the following data on nominal GDP and real GDP (values are in billions of dollars). The GDP deflat
- Economic growth is defined as: a. the percent change of real GDP. b. the percent change of population. c. the percent change of per capita GDP. d. the percent change of real per capita GDP. e. the percent change of gross domestic product (GDP).
- Year Nominal GDP Real GDP Price Index 1 5,200 4,800 2 5,500 112 3 5,740 5,000 What was real GDP in Year 2? A. $4,820 billion B. $4,875 billion C. $4,911 billion D. $5,320 billion
- Nation A's real GDP increases from $100 billion to $106 billion from 2010 to 2011. Nation A's population grew from 50 million to 51 million from 2010 to 2011. As a result real GDP per capita [{Blank}] because real GDP increased at a [{Blank}] rate than th
- If real GDP goes up by 3.7 percent and the GDP deflator goes up by 1.6 percent, find the percentage change in GDP.
- The real GDP of the U.S. economy was $16,813.3 billion at the end of 2016. Calculate the difference in 5 years if (1) growth was 4% per year (Trump) or (2) 2% per year (everyone else).
- Suppose that an economy recorded the following growth rates in a particular year: |Percentage change in the real stock of money: |4 percent |Percentage change in nominal GDP: |6 percent |Percentage change in the price level (the GDP deflator): |1 perce
- Below are some data from the land of milk and honey. a. Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2016 as the base year b. Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2017 and 2018 from th
- Given below is the data on real GDP and potential GDP for the nation of Anaziland for the years 2009-2013, in billions of 2009 currency. Calculate the output gap for each year as a percentage of poten
- Suppose that over the past 50 years, the nominal and real deficit of a country grew from $100 billion to $200 billion. Suppose that, over the same time, real GDP grew from $100 billion to $300 billion. Using __________, we can give an accurate picture of
- Last year, the imaginary nation of Freedonia had a population of 2,600 and real GDP of $16,200,000. This year, it had a population of 2,750 and real GDP of $15,680,000. About what was the growth rate of real GDP per person between last year and this year?
- If you are given the population growth rate and the GDP growth rate, can you calculate per capita real GDP?
- Suppose that GDP was 15 trillion in the first quarter of 2015 and 16 trillion in the second quarter of 2015. What is the annualized growth rate of GDP?
- Compute the real GDP in the base year and the current year. (in base-year prices).
- If a country has $100 billion of real GDP today, what will its real GDP be in 50 years if it grows at an annual growth rate of: 1.4 percent? 2.8 percent? 7 percent?
- If nominal GDP for 2015 is $6400 billion and real GDP for 2016 is $6720 billion (in 2015 dollars), then the growth rate of real GDP between the two (2015, 2016) is: A) 0%. B) 0.5%. C) 5%. D) 50%.
- Consider Country A which had a GDP of $20 billion in 2013 and $21 billion in 2014. What was its GDP growth rate between 2013 and 2014? A. 1% B. 2% C. 5% D. 10%
- If year 1 for GDP per capita is 23,810 and year 2 is 23,844, how do you find the growth rate of GDP per capita?
- Use the following information of two years' real GDP, deflator, and population, noting that the base year is set at 2009: 16) What was the real GDP per capita in 2015? 17) Did the price level increas
- 1. In which year was real GDP the highest? 2. What is the value for real GDP in 1960? 3. In which year was real GDP the lowest? 4. In which year did GDP decline compared to the previous year?
- Consider the data in the table. Rank The Following Years From Highest To Lowest In terms of real GDP Year Nominal GDP GDP Deflator Real GDP 2009 $1020 57 2010 $1250 62 2011 $1450 91
- Consider a country in which real GDP is $11 trillion, nominal GDP is $16 trillion, and M2 is $6.5 trillion. Find velocity for M1 and M2. For M1: V= For M2: V=
- Answer these questions about GDP. a. Could next year's real GDP exceed next year's nominal GDP? b. Could real GDP grow at the same time that real GDP per capita falls?
- Find the per capita GDP when the GDP of a country is $1.5 trillion and the country s population is 300 million.
- Suppose in 2012 a nation reported a Nominal GDP of $500 billion and in 2013 reported a Nominal GDP of $550 billion. The GDP Deflator in 2012 was 100 and in 2013 increased to 105. Real GDP in 2012 was: A. $550 billion B. $500 billion C. $490 billion D. $5
- Calculate the approximate number of years it will take for real GDP per person to double if an economy maintains an economic growth rate of 12% a year and a population growth rate of 10% a year.
- If Real GDP equals $200 billion and the price index equals 200, Nominal GDP is: A. $4 billion. B. $400 billion. C. $200 billion. D. $2 billion. E. Impossible to determine since the base year is not given.
- A) The growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how the increase in the growth rate of real GDP affects the number of years it will take for real GDP
- Using the GDP Deflator, calculate the following: |Consumer |Government |Investment |Net Exports |2017: 800 billion |340 billion |325 billion |-2 billion |2016: 780 billion| 330 billion |300 billion |-4 billion What is the GDP Deflator?
- Suppose that in 2000 Real GDP was $40 billion and the GDP deflator was 1.20. If nominal GDP increased by 40% between 2000 and 2001, what was Nominal GDP in 2001? a. $44.0 billion b. $48.4 billion
- If real GDP per capita in the United States is $8,000, what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%? $8,520 $9,280 $9,365
- If real GDP per capita in the United States is $8,000, what will real GDP per capita in the United States be after 5 years if real GDP per capita grows at an annual rate of 3.2%?
- Real GDP per capita is calculated as the total: A. real GDP in a given year B. real GDP divided by the nominal GDP C. real GDP divided by the population D. nominal GDP divided by the population
- If a country reported a nominal GDP of 85 billion in 2019 and 100 billion in 2018 and reported a GDP deflator of 100 in 2019 and of 105 in 2018, then from 2018 to 2019 a. real output rose and prices fell b. real output and prices both rose c. real output
- The table above shows real GDP in billions of 2010 dollars 2010 is base year, and nominal GDP in billions of dollars, and population in thousands of the U.S for each year. a) Assume that 2010 is the
- Suppose that this year's money supply is $600 billion, nominal GDP is $15 trillion, and price level is 3. a) Compute the real GDP and the velocity of money. b) Suppose that % change of velocity is 1%
- Terana's nominal GDP rose from $300 billion in 2016 to $325 billion in 2017. During the same period, the inflation rate was 6%. Round answers below to one decimal place. By what percentage did real GDP increase between 2016 and 2017?
- A country's real GDP is growing at an annual rate of 3.1 percent, and the current rate of growth of per capita of real GDP is 0.3 percent per year. What is the population growth rate in this nation?
- Consider a country in which real GDP is $14 trillion, nominal GDP is $22 trillion, M1 is $5 trillion, and M2 is $8 trillion. Find velocity for M1 and for M2.
- Suppose nominal GDP in 2012 was $100 billion and in 2014 it was $150 billion. The general price index in 2012 was 100 and in 2014, it was 120. Between 2012 and 2014, the real GDP rose by what percent?
- Suppose nominal GDP in 2012 was $200 billion. In 2014, it was $210 billion. The general price index in 2012 was 100 and in 2014 it was 105. Between 2012 and 2014, the real GDP rose by what percent?
- Assume that a leader country has real GDP per capita of $40,000, whereas a follower country has real GDP per capita of $20,000. Next, suppose that the growth of real GDP per capita falls to zero perce
- If GDP doubles from 2023 to 2028, the GDP deflator doubles, and the population remains the same by what percentage does per capita real GDP change?
Explore our homework questions and answers library
Browse
by subject