Use any online search engine to find Real GDPs (for any two consecutive years) of a country apart from Northern America or European countries. Then do the following
· Calculate the GDP growth rate for this country.
· Explain part 1 above
· What major items (economic activities) were included in the GDP
Suppose in the year 2000, the economy of a country produced $100 billion worth of goods and services based on year 2000 prices. In the year 2001, the economy produced $110 billion worth of goods and services based on year 2001 prices. Those same goods and services are instead valued at $105 billion if year 2000 prices are used.
(i) Calculate Nominal GDP?
(ii) Calculate Real GDP?
(iii) What is Nominal GDP growth rate?
(iv) What is Real GDP growth rate?