Suppose that nominal GDP was $9000000.00 in 2005 in Midland County Texas. In 2015, nominal GDP was $11500000.00 in Midland County Texas. The price level rose 3.00% between 2005 and 2015, and population growth was 3.50%. Calculate the following figures for Midland County Texas between 2005 and 2015. Give all answers to two decimals.

Calculate the following figures for Midland County Texas between 2005 and 2015. a. Nominal GDP growth, b. Economic growth, c. Inflation, d. Real GDP growth, e. Per capita GDP growth, f. Real per capita GDP growth.

Nominal GDP(current year) = $11,750,000  

Nominal GDP(base year) = $9,000,000

Inflation = 3%  

Population growth = 3.50%

a. Nominal GDP growth: = [(Nominal GDP(current year) - Nominal GDP(base year)) / Nominal GDP(base year) ]* 100

= (11,500,000.00 - 9,000,000) / 9000000 * 100

= [2,500,000 / 900,000,000} * 100

= 0.2778

= 27.78%

b. Economic growth = [(GDP(current year) / GDP(base year)) – 1] * 100

= [11,500,000.00 / 9,000,000 - 1] * 100

= 1.27777 - 1 * 100

= 0.27777 * 100

= 27.78%

c. Inflation is when there is increase in the general price level of the goods and service. The price level rise by 3%, hence. the inflation become 3%.

d. Real GDP growth = Nominal GDP growth - Inflation

= 27.78% - 3%

= 24.78%

e. Per capita GDP growth = Nominal GDP growth - Population growth

= 27.78% - 3.50%

= 24.28 %

f. Real per capita GDP growth: = Real GDP growth - Population growth

= 24.78%  - 3.50%

= 21.28%

this conflict is person vs. society

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hope this ! < 3

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