6. Calculating real GDP and real GDP per capita The following table provides the population size, price-level index, and nominal GDP of a hypothetical economy over a four-year period. Complete the...

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Extracted text: 6. Calculating real GDP and real GDP per capita The following table provides the population size, price-level index, and nominal GDP of a hypothetical economy over a four-year period. Complete the table by calculating real GDP and real GDP per capita from 2011 to 2014 using the data provided. Nominal GDP Real GDP Real GDP per Capita Year Population Size Price-Level Index (Dollars) (Dollars) (Dollars) 2011 400 80 $32,000 2012 420 90 $37,800 2013 440 100 $55,000 2014 480 110 $52,800 In 2014, nominal GDP is v than real GDP. This means that the purchasing power of the currency in 2014 is v than the purchasing power of the currency in the base year. In 2014, nominal GDP is v than real GDP. This means that the purchasing power of the currency in 2014 is v than the purchasing power of the currency in the base year. Why is real GDP a more accurate measure of an economy's production than nominal GDP? O Real GDP is not influenced by price changes, but nominal GDP is. O Real GDP includes the value of exports, but nominal GDP does not. O Nominal GDP is adjusted for the effects of inflation or deflation, whereas real GDP is not. The growth rate of real GDP per capita between 2011 and 2012 is Assume that real GDP per capita is a good measure of living standards. Which of the following sentences best describes what happened in this economy between 2011 and 2012? Living standards v because of which of the following? O Population growth outpaced real GDP growth. O Real GDP growth outpaced population growth. O Real GDP grew at the same rate as the population.