Question

Katniss works for the Panem Bureau of Economic Analysis. Panem produces three goods: bread and axes, as well as wheat, which is used to make bread. The table below records the quantities and market prices of each good produced in 2020.
Quantity Market Price (in dollars)

Bread 9000.00 loaves $6.00

Wheat 2250,00 bushels $ 2

Axes 400.00 axes $50.00


Assuming Panem does not produce anything else in 2020, GDP is equal to $74000


Assume that from 2020 to 2021, Panem’s GDP grows by 14.00% and that the population of Panem grows from 200 to 212.00. Therefore, Panem’s per capita GDP growth is {ANSWERE HERE} %(round your answers to two decimal places).

Answer 1

1. Assuming Panem does not produce anything else in 2020, GDP = 78500

2. Panem's per capita GDP growth is 7.55%

1. We have the following data to answer this question

9,000 loaves of bread = $6

2250 wheat = $2

400 axes = $50

We have to first calculate for GDP.

GDP stands for gross domestic produce. This is the total sum of goods and services that were made in a particular area at a particular time.

GDP = price * product

Bread = 9000*6 = 54000

wheat = 2250 * 2 = 4500

axes = 400 * 50 = 20000

∑GDP = 54000 + 4500 + 20000

= $78500

Therefore if Panem does not produce anything else in 2020 GDP =  $78500

2. We have to find the GDP per capita

$\frac{GDP}{Population}$

$=\frac{78500}{200}$

= 392.5

The GDP increased by 14%

= 78500 * 1.14

= 89490

Population grew to 212

$\frac{89490}{212}$

= 422.12

The percentage increase

= $(\frac{422.12}{392.5} -1)*100$

= 7.55%

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