05 Question (s points) 1st attempt Part 1 (1 point) Feedback ? See Hint Suppose

Question

05 Question (s points) 1st attempt Part 1 (1 point) Feedback ? See Hint Suppose that nominal GDP was $9500000.00 in 2005 in Midland County Texas. In 2015, nominal GDP was $11500000.00 in Midland County Texas. The price level rose 250% between 2005 and 2015, and population growth was 3.75%, calculate the following figures for Midland County Texas between 2005 and 2015 aNominal GDP growth was 0 821 % Part 2 (1 point) Feedback Q See Hint b. Economic growth was." Part 3 (I point) See Hint Feedback K05/15> 11 OF 15 QUESTIONS COMPLETED

Explanation / Answer

Nominal GDP growth = [115 -95]100 / 95 = 21.05%

Inflation = change in price level = 2.50%

Real GDP growth = nominal GDP growth rate - inflation

rGDP GR = 21.05 - 2.50 = 18.55%

Real per capita gdp growth rate = rGDP GR - population growth rate

rGDP per capita. GR = 18.55 - 3.75 = 14.80%

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