ECO202Y1 Study Guide - Midterm Guide: Factors Of Production, Production Function, Endogenous Growth Theory

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25 Oct 2018
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Term test 1 (1) [8 points] identify which of the following goods are part of this year"s u. s. gdp and explain your reasoning. Calculate the growth rate of the following variables: (a) [4 points] real gdp (b) [4 points] nominal gdp per capita (c) [4 points] real gdp per capita. , is given by (b) nominal gdp per capita is given by. The growth rate of nominal gdp per capita, $/tttyypyg. 83. 63. 2yypggg571/tttyyn5716. 81. 15. 7yynggg(c) reap gdp per capita is given by. , so the growth rate is (3) [20 points] thailand is known for producing two things: rice and computer hard drives. Let"s assume for simplicity those are the only two things the thai economy produces. Suppose that in 1980, thailand produced 1,000 pounds of rice and 10 hard drives, and in 2010, thailand produced 1,200 pounds of rice and 100 hard drives. Answer: (a) using 1980 base prices, real gdp in 1980 and 2010 are.

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