{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Quick%20Quiz%201%21

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

This preview shows pages 1–3. Sign up to view the full content.

© 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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
© 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?
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern