Suppose nominal GDP in 2019 was $190 million and in 2020 it was $195 million. The GDP price index in 2019 was 150 and in 2020 it was 153. The population in 2019 was 2600 and in 2020 it was 2620.

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1. (13 points) Suppose nominal GDP in 2019 was $190,000,000 and in 2020 it was $195,000,000. The GDP price index in 2019 was 150 and in 2020 it was 153. The population in 2019 was 2,600 and in 2020 it was 2,620. i) Calculate Real GDP and Real GDP per capita in each year. 2019 Real GDP: 190,000,000 / 150=$1,266,666.667 2020 Real GDP: 195,000,000/153=$1,274,509.804 2019 Real GDP per capita: 1,266,666,667/2,600=487.18 2020 Real GDP per capita: 1,274,509.804/2,620=486.45 ii) Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. NGDP growth rate: 195,000,000190,000,000/190,000,000100=2.63 RGDP growth rate: 1,274,509.8041,266,666.667/1,266,666.667100=0.62 RGPD per capita growth rate: 486.45487.17/487.17100=0.15 or 0% iii) In a few sentences, describe why the growth rates are so different? The growth rates above are so different because of the different calculations. With RGDP we calculate at the base year prices and NGDP we calculate the current prices