?Question 2.10: Calculate Growth Rate of Real Per Capita GDPNow suppose there are more goods and services and the economy is now open to trade with othercountries. Based on this generated data and since you have already calculated nominal and real GDP, youwill now determine the GDP deflator, real per capita GDP, as well as the growth rates in nominal GDP, realGDP, GDP deflator (price level), and real GDP per capita for this simple economy. (Round your answer totwo decimal places.)Calculate the Growth Rate of Real Per Capita GDP from 2008 to 2009:Check AnswerYearNominal GDP(Billions of $)Real GDPPopulation(Billions of $)(Million)200714451.915626300.6200814712.815604.7303.4200914448.915208.8306.1201014992.115598.8308.6201115542.615840.7311.120121619716197313.3201316784.916495.4315.5201417527.316912317.7201518224.817403.8319.920161871517688.9322.2201719519.418108.1324.5

Step 1: Real GDP Per Capita:The average economic production per person, adjusted for inflation, is…

Answered: ?Question 2.10: Calculate Growth Rate…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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