Business, 19.02.2020 04:03 natalie2sheffield

Marketopia’s real GDP was $520 billion in 2014 and $550 billion in 2015. Its population was 150 million in 2014 and 155 million in 2015. On the other hand, Econland’s real GDP was $200 billion in 2014 and $210 billion in 2015; and its population was 53 million in 2014 and 55 million in 2015. Which of the following statements is true?

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Answer from: lelliott86

The question is incomplete, the complete question is as follows:

Marketopia's real GDP was $520 billion in 2014 and $550 billion in 2015. Its population was 150 million in 2014 and 155 million in 2015. On the other hand, Econland's real GDP was $200 billion in 2014 and $210 billion in 2015, and its population was 53 million in 2014 and 55 million in 2015. Which of the following statements is true? ( 8 01:36:50 Multiple Choice

a. Marketopia's real GDP growth in 2015 is higher than Econland's.

b. Econland's real GDP growth in 2015 is higher than Marketopia's.

c. Marketopia's real GDP growth in 2015 is identical to Econland's.

d. Marketopia's and Econland's real GDP growth rates in 2015 are both higher than 10%.

The answer is: a

Explanation:

Real GDP (Gross Domestic Product) is the output produced within a country in a specified period, adjusted for inflation, using prices of a base year (a year, chosen arbitrarily, wherein prices are set to 100 for the purpose of comparison or reference). To calculate the real GDP growth rate, the growth formula used is:

(Current year GDP - Prior Year GDP)/Prior Year GDP

Using this formula, Marketopia's Real GDP growth rate is 5.77% ($550 billion - $520 billion)/ $520 billion. Econland's real GDP growth rate is 5% ($210 billion - $200 billion)/ $200 billion. Marketopia's real GDP growth rate is higher that Econland's real GDP growth rate in 2015.

Answer from: Quest

answer; is usually (less than) the socially optimal level of consumption;

Answer from: Quest

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues, with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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Marketopia’s real GDP was $520 billion in 2014 and $550 billion in 2015. Its population was 150 mill...

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