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Author Question: A nation's population was 250 million last year and is 255 million this year. If its real GDP was ... (Read 146 times)

storky111

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on: Jun 29, 2018
A nation's population was 250 million last year and is 255 million this year. If its real GDP was 8.5 trillion last year and is 8.8 trillion this year, what is its growth rate of real GDP per person?
 
  What will be an ideal response?

Question 2

The quantity of U.S. dollars supplied in the foreign exchange market is
 
  A) the same as the quantity of for U.S. dollars demanded.
  B) negatively related to the exchange rate.
  C) fixed at any given exchange rate.
  D) unrelated to the exchange rate.
  E) positively related to the exchange rate.


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djpooyouma

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Last year real GDP per person equaled (8.5 trillion)/(250 million) = 34,000 per person. This year, real GDP per person is 34,510 per person. Thus the growth in real GDP per person equals  100 = 1.5 percent.

Answer to Question 2

E


storky111

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

bblaney

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Reply 3 on: Yesterday
Wow, this really help

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