Question

In 2009, the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000. In 2010 it had a population of 5,100 and real GDP of 520,200. During 2009 real GDP in Viloxia grew by Select one: a. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. b. 4 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 2 percent, which is high compared to average U.S. growth over the last one-hundred years.

Answer 1

The correct answer is A. During 2009 real GDP in Viloxia grew by 2 percent, which is about the same as average U.S. growth over the last one-hundred years.

Given that in 2009, the imaginary nation of Viloxia had a population of 5,000 and real GDP of 500,000, and in 2010 it had a population of 5,100 and real GDP of 520,200, to determine the growth of real GDP in Viloxia during 2009, the the following calculations must be made:

• Total GDP / population = real GDP
• 500,000 / 5000 = X
• 100 = X
• 520,200 / 5100 = X
• 102 = X
• 102 - 100 = 2

Therefore, during 2009 Viloxia's GDP grew by 2 percent, which is about the same as average U.S. growth over the last one-hundred years.

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