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quiz 3.A solutions

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

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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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