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Part 1 (2 points) See Hint Suppose that nominal GDP was $10 trillion in 2040 in Mordor. In 2050, nominal GDP was $15 trillion in
Part 1 (2 points) See Hint Suppose that nominal GDP was $10 trillion in 2040 in Mordor. In 2050, nominal GDP was $15 trillion in Mordor. The price level fell 3% between 2040 and 2050, and population growth was 2%. Between 2040 and 2050 in Mordor, nominal GDP growth was 50 % and economic growth was 51 %. Give your answers to one decimal place. Part 2 (2 points) See Hint Suppose that nominal GDP was $20 trillion in 2040 in Mordor. In 2050, nominal GDP was $18 trillion in Mordor. The price level rose 3% between 2040 and 2050, and population growth was 2%. Between 2040 and 2050 in Mordor, nominal GDP growth was % and economic growth was %. Give your answers to one decimal place. Part 3 (2 points) See Hint Suppose that nominal GDP was $8 trillion in 2040 in Mordor. In 2050, nominal GDP was $10 trillion in Mordor. The price level rose 15.0% between 2040 and 2050, and population growth was 12.0%. Between 2040 and 2050 in Mordor, nominal GDP growth was 25 % and economic growth was %. Give your answers to one decimal place
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