What was us real gdp per person in 1961 what was us real


Assignment

Question 1

Suppose that Saudi Arabia produces the goods: Books, Pizza and Bags. The following table provides information about the prices and output for these

Three goods for the years 2012, 2013 and 2014.

Year

Price per Book

Quantity of Books

Price per Pizza

Quantity of Pizza

Price of Bag

Quantity of Bags

2012

$100

10

$50

100

$10

200

2013

$100

12

$52

108

$10

205

2014

$110

12

$54

115

$10

212

(A). Using above information, calculate nominal GDP for 2012, 2013 &2014.
(B) Calculate real GDP of 2012, 2013 &2014 using 2012 as a base year.
(C). Measure GDP deflator on a 100-point scale with 2012 as the base year

Question 2

Year

Real GDP (Billions 2005 dollars)

Population (millions of people)

1961

2,432

184

1992

2,578

186

The U.S. real GDP per person grew rapidly in the early 1960s. The table above has U.S. real GDP and population for 1961 and 1962.

a. What was U.S. real GDP per person in 1961?

b. What was U.S. real GDP per person in 1962?

c. Between 1961 and 1962, how rapidly did U.S. real GDP per person grow?

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