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Paragraph Styles ESTION 41 1. Given the table below: Year Nominal GDP Real Population (billions) GDP (billions) (thousands) 2000 11,216.4 10,655.6 300,000 2010 13,088.0 12,564.5

Paragraph Styles ESTION 41 1. Given the table below: Year Nominal GDP Real Population (billions) GDP (billions) (thousands) 2000 11,216.4 10,655.6 300,000 2010 13,088.0 12,564.5 310,000 2020 2. 2. a. What is the definition of Gross Domestic Product? What is the definition of real Gross Domestic Product? What is GDP per capita? What is the growth rate formula? b. What is the growth rate from 2000 to 2010 for nominal GDP? Real GDP? What is the inflation rate for 2000 to 2010? Hint what is the difference between nominal and real GDP? c. What is the nominal GDP per capita? What is the real GDP per capita? What is the population growth rate for 2000 to 2010? d. If the growth rate of 2000 to 2010 is the same for 2010 to 2020, what will be the nominal GDP in 2020? What will be the real GDP per Capita

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