Calculate the inflation rate in the current year to the nearest one decimal.(5 P
ID: 1160218 • Letter: C
Question
Calculate the inflation rate in the current year to the nearest one decimal.(5 Points) 131 c. d. 1s the inflation rate that you've calculated likely to be biased? Why or why not? Explain: (10 Points) 9. Brazi's real GDP was 1,180 trillion reais in 2013 and 1,202 trillion reais in 2014. Brazil's population was 198 million in 2013 and 200 million in 2014. Calculate: (30 Points, 10 ea) % a. The growth rate of real GDP to the nearest one decimal is? b. The growth rate of real GDP per person to the nearest one decimal is? Per Person The approximate number of years to the nearest one decimal it takes for real GDP per person in Brazil to double if the 2014 growth rate of real GDP and the population growth rate are maintained -Years c. Page 2 of 2Explanation / Answer
Q9) a. Required growth rate = (Difference in real GDP / Real GDP of 2013) × 100
= {$(1,202 – 1,180) trillion / $1,180 trillion} × 100
= (22 / 1,180) × 100
= 1.8644…..%
= 1.9% (Answer)
Q9) b.
GDP per person in 2013 = $1,180 trillion / 198 million
= $5.96 million
GDP per person in 2014 = $1,202 trillion / 200 million
= $6.01 million
Required growth rate = (Difference in GDP per person / GDP per person in 2013) × 100
= {(6.01 – 5.96) / 5.96} × 100
= (0.05 / 5.96) × 100
= 0.838926 …. %
= 0.8% per person (Answer)
Q9) c. The rule 70 should be applied here for finding such number of years.
Number of years = 70 / GDP per person
= 70 / 0.8
= 87.5 years (Answer)
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