Homework Help-Why don’t we define economic growth as the percentage increase in nominal GDP?
Why don’t we define economic growth as the percentage increase in nominal GDP?
Suppose Nominal GDP rises 6%, inflation is 2% and population growth is 1%. What is the rate of increase of real GDP? Real GDP per capita?
What is the rule of 70? Explain how it is useful to compare growth rates across two countries.
Using FRED, find real GDP for the year of your birth and for 2016. By what percent did real GDP increase in your lifetime? What was the average annual rate of growth over your lifetime?
