Question

Feedback v See HIM Suppose that nominal GDP was $9000000.00 in 2005 in Orange County California. In 2015, nominal GDP was $11250000.00 in Orange County California. The price level rose 3.00% between 2005 and 2015, and population growth was 3.25%. Calculate the following figures for Orange County California between 2005 and 2015. Give all answers to two decimals. a. Nominal GDP growth was 2.7 Part 2 (1 point) Feedback See Hint b. Economic growth was 116.06 Part 3 (1 point) 3 Feedback See Hint c. Inflation was 1.5 % Part 4 (1 point) & Feedback See Hint d. Real GDP growth was 1.18 % Part 5 (1 point) & Feedback See Hint e. Per capita GDP growth was 0.6 Part 6 (1 point) * See Hint . Real per capita GDP growth was 26 %

Answer 1

The question requires calculations of various economic indicators based on the nominal GDP for Orange County, California, given changes in population growth and the rate of inflation.

Step-by-step explanation:

The question at hand involves understanding and calculating economic indicators such as nominal GDP growth, economic growth, inflation, real GDP growth, per capita GDP growth, and real per capita GDP growth for California's Orange County. To deduce these from the nominal GDP figures provided for 2005 and 2015, one must use additional information such as the rate of inflation and population growth. To measure growth, it is essential to adjust the nominal GDP to account for the price level changes, which can be achieved by using the GDP deflator. This process differentiates the increase in GDP that stems from a real increase in production from an increase due to rising prices.