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Part 1   (1 point) See Hint Suppose that nominal GDP was $9250000.00 in 2005 in Orange County California. In...

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Economics

Part 1   (1 point)

See Hint

Suppose that nominal GDP was $9250000.00 in 2005 in OrangeCounty California. In 2015, nominal GDP was $11000000.00 in OrangeCounty California. The price level rose 1.50% between 2005 and2015, and population growth was 4.25%. Calculate the followingfigures for Orange County California between 2005 and 2015. Giveall answers to two decimals.

a. Nominal GDP growth was _________ %.

Part 2   (1 point)

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b. Economic growth was __________ %.

Part 3   (1 point)

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c. Inflation was ___________ %.

Part 4   (1 point)

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d. Real GDP growth was ________ %.

Part 5   (1 point)

See Hint

e. Per capita GDP growth was __________ %.

Part 6   (1 point)

See Hint

f. Real per capita GDP growth was __________%.

Answer & Explanation Solved by verified expert
3.8 Ratings (553 Votes)
Solution A Nominal GDP growth rate is the change in nominal GDP from 2005 to 2015 Nominal GDP growth 11000000 9250000    See Answer
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