ncia.wwmorton.com AL BLACKH SmartWork5 QUIZZES-FA2 for Principles of Macroecono

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ncia.wwmorton.com AL BLACKH SmartWork5 QUIZZES-FA2 for Principles of Macroecono Smartwork5 34% 11/07/17 Part 1 (1 Port ECN 1B C Economic Growth an... 59% 12/10/17 Part 1 (1 point) See Suppose that nominal GDP was $9750000.00 in 2005 in Orange County California. In 2015, nominal GDP was $12000000.00 in Orange County California. The price level rose 2.50% between 2005 and 2015, and population growth was 3.50%. Calculate the following figures for Orange County California between 2005 and 2015 a. Nominal GDP growth was Part 2 (1point) See Hint b.Economic growth was Part 3 (1 point) See Hint c. Inflation was

Explanation / Answer

Nominal GDP growth rate = GDP(2015)-GDP(2005)/GDP(2005)

                                                =( $12000000/$9750000)*100 = 123.07%

Economic Growth = (12000000/2.5 -9750000)

                                   = 3.92

Inflation = 2.5 %

Real GDP =   Economic Growth rate = 3.2%

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