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
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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.
Real GDP for 2011 is 15.1/1.038=14.547. GDP per capita in 2010 is 14.547 trillion/ 311 million= 46,776.
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 Fall '07
 STEIN
 Economics, gross domestic product, GDP Growth Rate, per capita, Ri

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