Description
Question 1
Use any online search engine to find Real GDPs (for any two consecutive years) of a country apart from Northern America or European countries. Then do the following
· Calculate the GDP growth rate for this country.
· Explain part 1 above
· What major items (economic activities) were included in the GDP
Question 2
Suppose in the year 2000, the economy of a country produced $100 billion worth of goods and services based on year 2000 prices. In the year 2001, the economy produced $110 billion worth of goods and services based on year 2001 prices. Those same goods and services are instead valued at $105 billion if year 2000 prices are used.
(i) Calculate Nominal GDP?
(ii) Calculate Real GDP?
(iii) What is Nominal GDP growth rate?
(iv) What is Real GDP growth rate?
Explanation & Answer
Attached.
1
Economics
Economics
Institution name
Student’s name
2
Economics
Kenya had a GDP of $16820 on 2006 and 1600 for 2005.
𝐺𝐷𝑃 𝑟𝑎𝑡𝑒 = (
=(
𝑦𝑒𝑎𝑟1
)− 1
𝑦𝑎𝑒𝑟2
16820
)−...
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Review
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