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per capita GDP

1. Answer the following question based on the following info.
Alta Zorn Alta Zorn
Year (real GDP) (real GDP) (population) (population)

1 $2.000 $150,000 200 500
2 $2,100 $152,000 202 505
3 $2,200 $154,000 210 508

Per capita GDP was about :

A. $105 in year 3 in Alta
b. $303 in year 3 in Zorn
c. $ 200 in year 1 in Zorn
d. $ 5 in year 2 in Alta

2. Answer the following question based on the following information:

Nominal Price
Year GDP index

1 $550 140
2 $560 135
3 $576 120
4 $586 117
5 $604 108

The economy above has experienced a:

a. a decline nominal GDP
b. a rising price level
c. a declining real GDP
d. deflation

Solution Preview

Hello. I hope this helps.

(1) To determine per capita GDP, simply divide the GDP by the population for that given year (GDP/POP). For example, Alta's per capita GDP for year 3 (choice "a") would be 2200/210 (where 2200 is the GDP and 210 is the population. This equals a per capita GDP of 10.4 (so, you know choice ...

Solution Summary

This solution determines per capita GDP.

$2.19