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Chapter 9: Q. 12 (page 210)

In 2018, a nation's population was 10million, its real GDP was role="math" localid="1651518280695" \(1.21billion, and its GDP deflator had a value of 121. By 2019, its population had increased torole="math" localid="1651518397677" 12million, its real GDP had risen to \)1.5billion, and its GDP deflator had a value ofrole="math" localid="1651518422407" 125 . What was the percentage change in per capita real GDP between2018 and 2019 ?

Short Answer

Expert verified

The difference in real GDP between 2014and 2015 is $4million.

Step by step solution

01

Table for GDP and population. 

The table below offers information about an economy's actual GDP and population.

02

Calculation for change

By dividing the population by real GDP, per capita real GDP can be calculated:

Per capita realGDP(2014)=121010

=$121million

Per capita real GDP(2015)=1512

=$125million

Changeslocalid="1651519169634" =$4million

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Most popular questions from this chapter

Brazil has a population of about 210million, with about 150million over the age of 15. Of these, an estimated 25percent, or37.5million people, are functionally illiterate. The typical literate individual reads only about two nonacademic books per year, which is less than half the number read by the typical literate U.S. or European resident. Answer the following questions solely from the perspective of new growth theory:

a. Discuss the implications of Brazil's literacy and reading rates for its growth prospects in light of the key tenets of new growth theory.

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a. Which of the labelled points corresponds to the maximum feasible 2020 production that is more likely to be associated with the curve denoted2021A ?

b. Which of the labelled points corresponds to the maximum feasible 2020 production that is more likely to be associated with the curve denoted2021B ?

A nation's per capita real GDP was$2,000 in 2017, and the nation's population was5 million in that year. Between 2017 and 2018, the inflation rate in this country was role="math" localid="1651519423079" 5 percent, and the nation's annual rate of economic growth was 10 percent. Its population remained unchanged. What was per capita real GDP in 2018? What was the level of real GDP in2018?
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