Econ- 5.1 Part 2 Fromative Assessment- Option 1

Suppose a small economy produces only four goods: apples, bananas, cars, and computers. In a given year, the quantities and prices are as follows:

• Apples: 1,000 units at $2 each

• Bananas: 2,000 units at $1 each

• Cars: 50 units at $20,000 each

• Computers: 200 units at $1,000 each

Calculate the nominal GDP of this economy. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

In 2010, a country had a nominal GDP of $700 billion and a GDP deflator of 140. Calculate the real GDP for 2010. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

Given that the nominal GDP is $4,500 billion and the GDP deflator is 90, what is the real GDP? SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

In Year 1, the real GDP of a country is $1,000 billion. In Year 2, the real GDP is $1,100 billion. Calculate the real GDP growth rate between these two years. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

The real GDP of a country is $1,200 billion in Year 1 and $1,080 billion in Year 2. What is the real GDP growth rate? SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

In Year 1, the nominal GDP is $1,000 billion with a GDP deflator of 100. In Year 2, the nominal GDP is $1,200 billion with a GDP deflator of 110. Calculate the real GDP growth rate. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

The real GDP of the US is $1,400,000 in Year 1 and $1,440,000 in Year 2. What is the real GDP growth rate? Is the growth rate at the goal economic growth rate for the US? Explain. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

The real GDP of the US is $5,550,000 in 2022 and $8,047,500 in Year 2. What is the real GDP growth rate? Is the growth rate at the goal economic growth rate for the US? Explain. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.

The real GDP of a large country is $5,000 billion, and the population is 300 million. Calculate the per capita real GDP. SHOW YOUR WORK BY UPLOADING AN IMAGE OF THE MATH YOU DID TO FIND YOUR ANSWER.