2.Consider the country of Walton-opolis. This country has a real GDP of $1,000,000,000 in 2020 and then $1,035,000,000 in 2021. The population growth was 1% from 2020 to 2021. Given these numbers, how long would it take for the country to double its real GDP?

a.20 years

b.28 years

c.35 years

d.56 years

e. Never

3.For the country of Walton-opolis, how long would it take for the country to double its real GDP per capita?

a.14 years

b.28 years

c.35 years

d.70 years

e. Never

4.Consider the country called the "Republic of Miguel". It has 500,000 residents. We also know the CPI for the following years:

2018: Base year 2019: 132 2020: 150 2021: 142

How much did prices rise from 2018 to 2021?

a.42%

b.50%

c.85%

d.100%

e. Not enough information

5.Of the items below, which one would be included in the United States' CPI but not the United States' GDP deflator? (Assume all the items below are bought by American consumers.)

a. Water thermos produced in Arizona

b. Electric fan produced in South Carolina

c. Kleenex box made in California

d. Table produced in Italy

d. None of the above

6.We have a separate country known as Isabel-ville. The GDP per capita in 2010 was $18,000 in 2010 dollars. While in 2019, the GDP per capita was $19,000 in 2019 dollars. The CPI in 2010 is 218 while the CPI in 2019 is 255.7. When adjusting for inflation, how would you characterize the growth in GDP per capita from 2010 to 2019?

a. Impressive

b. Good but not spectacular

c. Nonexistent as the GDP per capita in both years are exactly the same in terms of purchasing power

d. Actually horrible because the GDP per capita in 2019 turns out to actually be lower than the GDP per capita in 2010 (by over $2,000)

e. Not enough information