LAB2-KEY-worksheet1-gdp

LAB2-KEY-worksheet1-gdp - PRINCIPLES OF MACROECONOMICS...

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PRINCIPLES OF MACROECONOMICS NAME:_______ KEY _________ ______ Economics 105 / Binder GROSS DOMESTIC PRODUCT (GDP) 1. The following table gives real GDP and population figures for several countries in 1990 and 2003. 1990 2003 Real GDP in constant 2000 US dollars (in billions) Population (in millions) Real GDP in constant 2000 US dollars (in billions) Population (in millions) India 268.0 849.4 543.7 1,070.8 Korea, Republic of 283.7 42.9 586.1 47.5 Mexico 413.9 84.3 592.5 104.3 United Kingdom 1,135.8 56.8 1,527.3 59.3 United States 7,055.0 255.5 10,343.0 292.6 a) What does “Constant 2000 dollars mean”? Adjusted to control for inflation—prices are held constant while amount of goods and services are measured. This allows us to compare a $ amount of GDP from year to year without worrying about prices rising. b) Calculate per capita GDP for each country in each year. Which country has the highest standard of living? How do you know? 1990
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LAB2-KEY-worksheet1-gdp - PRINCIPLES OF MACROECONOMICS...

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