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GDP

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1. Compute the real GDP when provided the nominal GDP and an appropriate price index for a group of selected years.

2. Suppose an economy's real GDP is $30,000 in year 1 and $31,200 in year 2. What is the growth rate of its real GDP? Assume that population is 100 in year 1 and 102 in year 2. What is the growth rate of GDP per capita?

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Calculates real GDP.

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1. Compute the real GDP when provided the nominal GDP and an appropriate price index for a group of selected years.

Assume the GDP= $30,000
Price index= 150 (Base 100)
Therefore real ...

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