quiz 3.A solutions

quiz 3.A solutions - Quiz 3 A Solutions ECON 010 Fall 2011...

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Unformatted text preview: Quiz 3 A Solutions ECON 010, Fall 2011 11/09/11 Total Score NAME:_________________________ RI’s NAME:__________________________ Recitation Section/ Time:______________________ INSTRUCTIONS • Please put your name on BOTH pages. • There are a total of 4 questions. • There are 20 total points. Plan your time accordingly. • Read all questions carefully. • ONLY four function calculators are allowed. • Write legibly and label any diagrams appropriately and thoroughly. • This quiz is given under the terms of Penn’s Code of Academic Integrity 1 NAME: RI’s NAME: QUESTION 1 (3 Points) Use the data in this table to answer the following question. Assume that 2010 is the base year. Year Nominal GDP Inflation Rate Population 2010 14.7 trillion ——— 308 million 2011 15.1 trillion 3.8 % 311 million From 2010 to 2011, real GDP per capita INCREASED / DECREASED by 1.99 %. Show your work. Answer: Real GDP for 2010 is the same as nominal since 2010 is the base year. GDP per capita in 2010 is 14.7 trillion/ 308 million= 47,727....
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This note was uploaded on 04/04/2012 for the course ECON 010 taught by Professor Stein during the Fall '07 term at UPenn.

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quiz 3.A solutions - Quiz 3 A Solutions ECON 010 Fall 2011...

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