ECO HW10 answer key - ECO 108 Fall 2010 Bo He Name ID...

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ECO 108 Fall 2010 Bo He Name: __________________________ ID: __________________ Homework 10 Due Monday Nov. 29th, at the beginning of LECTURE 1. The following table gives some figures from a forecast of real GDP and population done by a well-known consulting firm in 1997. Real GDP 1998 (billions) Real GDP 1999 (billions) Population 1998 (millions) Population 1999 (millions) \$7,282.7 \$7,457.1 270.3 272.6 (a) According to the forecast, can we get how much price inflation will there be between 1998 and 1999? (4 pts) Cannot tell since only real is given. (b)What is per capita real GDP projected to be in 1998? 1999? (8pts) The per capita real GDP can be calculated from real GDP and population. Per capita real GDP = real GDP / population. Per capita real GDP in 1998 is \$26,943, and Per capita real GDP in 1999 is \$27,355. (Notice that first we need to convert both variables into millions, the same scale.) (c) Compare the forecast rate of change in real GDP and per capita real GDP between 1998 and 1999. (8 pts)

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ECO HW10 answer key - ECO 108 Fall 2010 Bo He Name ID...

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