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File Edit View History Bookmarks Window Help ezto.mheducation.com/hm.tpx Chapter 5 Homework McGraw-Hl Connect E connect Schiller: The Economy Today, 14e: C 3334 ECON 2301 16-WEEK, SPRI ECONOMICS 5 Homework o Question 5 (of 13) 7.69 points What was real per capita GDP in 1933 measured in 2013 prices? Use the data in the table below to compute your answer Year Nominal GDP 1933 2013 Population 126 milion milion Nominal per capita GDP s 452 55,814 100 1,400 16.800 bilion Instructions: Enter your response rounded to the nearest whole number References eBook& Resources Leaning Oojective: 05-02 The difference between real and nominal GDP 28 2 :

Explanation / Answer

Real GDP = Base year prices * Current year quantities

=> (57/100) *(1400) = $798,000 miilion

Real GDP per capita = Real GDP/Population = 798000/126 = $633.333 million

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