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Economic Growth Upload

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Q ECONOMIC GROWTH IN-CLASS WORKSHEET 2 This question examines the calculation of nominal GDP, real GDP, and the growth rate from quantity and price data for all final goods in a macroeconomy. You will use data to make these calculations and apply the rule of 72. The country of Sunnyland produces two final goods: tubes of sun block and bags of sand. Below, you are provided data on the quantity of each of these goods that was produced in Sunnyland and the price that was charged per unit during 2014 and 2015: Year Quantity of Sun Block Price of Sun Block Quantity of Sand Price of Sand 2014 20 $4 8 $1.00 2015 24 $5 12 $1.50 Task 1: Calculate the value of 2014 nominal GDP in Sunnyland. Task 2: Using 2014 as your base year, calculate the value of 2015 real GDP in Sunnyland. Task 3: Calculate the growth rate between 2014 and 2015 of real GDP in Sunnyland. Task 4: Suppose that Sunnyland continued to grow at this rate. How many years would it take for Sunnyland’s economy to double in size? ECONOMIC GROWTH IN-CLASS WORKSHEET 3 This question examines the calculation of nominal GDP, real GDP, and the growth rate from quantity and price data for all final goods in a macroeconomy. You will use data to make these calculations and compare your results. The country of Arctica produces two final goods: blocks of ice and salmon. Below, you are provided data on the quantity of each of these goods that was produced in Arctica and the price that was charged per unit during 2014 and 2015: YEAR Quantity of Ice Blocks Price of Ice Quantity of Salmon Price of Salmon 2014 105 $2 25 $10 2015 95 $3 30 $15 Task 1: Calculate the value of 2014 nominal GDP in Arctica. Task 2: Calculate the value of 2015 nominal GDP in Arctica. Task 3: Using 2014 as your base year, calculate the value of 2015 real GDP in Arctica. Task 4: Calculate the growth rate between 2014 and 2015 of nominal GDP in Arctica. Task 5: Calculate the growth rate between 2014 and 2015 of real GDP in Arctica. Task 6: Did nominal GDP or real GDP grow faster between 2014 and 2015? Can you explain why?

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Task 1: Calculate the value of 2014 nominal GDP in Arctica. Answer: The value of Ice Blocks being derived in the year of 2014 will be 105*$2 which equals $210 and the value of Salmon derived in the year of 2014 is $250 = 25*$10. Thus the value of 2014 nominal GDP in Arctica will be $460 = ($210+$250). Task 2: Calculate the value of 2015 nominal GDP in Arctica. Answer: The value being derived for Ice Blocks in 2015 is 95*$3 = 285 while that of Salmon is 30*$15 = $450. Hence, the total value of 2015 nominal GDP in Arctica will be $735. Task 3: Using 2014 as your base year, calculate the value of 2015 real GDP in Arctica. Answer: Using 2014 as the base year, the value of 2015 real GDP in case of Ice Blocks will be 95*$2 = $190 and that for Salmon will be $10*30 = $300. Hence the value of real GDP in the year of 2015 in Arctica will be $300+$190 = $490.