11/07/17 34% Part 1 (1 point) See Hint that nomiaal GDP was $9500000.00 in 2005

Question

11/07/17 34% Part 1 (1 point) See Hint that nomiaal GDP was $9500000.00 in 2005 in Orange County Callfornla.In 2015, nominal GDP was $11250000.00 in Orange County California. The price level rose 3.00% between 2005 and 2015, and population growth was 3.75%. Calculate the following figures for Orange County California between 2005 and 2015 a. Nominal GDP growth was Part 2 (1 point) 0 See Hint b. Economic growth was Part 3 (1point) 0 See Hint c Inflation was Part 4 (1 point) ? See Hint d. Real GDP growth was 7 See Hint Part 5 (1 point) e. Per capita GDP growth was

Explanation / Answer

Part 1. nominal GD growth rate = (11250000-9500000)/9500000

=(1750000/9500000)*100 = 18.42%

Part 2.

Economic growth = (18.42)/(3) =18.42/6 = 6.2

part 3.

Inflation is change in price level = 3%

Part 4

Real GDP growth = Economic growth = 6.20

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.