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Quick%20Quiz%201%21 - Quick Quiz 1 Consider an economy that...

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© Hadi Salehi Esfahani Quick Quiz 1! Consider an economy that produces only two goods, bread and butter. The following statistics are available about this economy: (a) 0.0% (b) 2.3% (c) 6.7% (d) 10.0% (e) 13.3% 1. Which one of the above numbers is the constant-price GDP growth rate between 2010 and 2011? 2. Which one is the chain-rule GDP growth rate between 2010 and 2011? 3. If population growth was 1% per year, what is the average annual growth rate of chain-rule GDP per capita during 2009-2011? 2009 (base year) 2010 2011 Quantity Price Quantity Price Quantity Price Bread 40 $1 50 $2 50 $1 Butter 60 $1 50 $1 60 $2
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© Hadi Salehi Esfahani Solution to Quick Quiz 1! Consider an economy that produces only two goods, bread and butter. The following statistics are available about this economy: (a) 0.0% (b) 2.3% (c) 6.7% (d) 10.0% (e) 13.3% 1. Which one is the 2010-2011 constant-price GDP growth rate? (d) 10.0% 2. Which one is the 2010-2011 chain-rule GDP growth rate?
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