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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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    https://brainmass.com/math/real-analysis/224855

    Solution Preview

    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 ...

    Solution Summary

    Calculates real GDP.

    $2.19