Calculate the GDP growth rate, economics homework help

Question 1

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

Question 2

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?

 

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