Nominal GDP increased from roughly $11 trillion in 2003 to $14.4 trillion in 2008. In the same period prices rose on average by roughly 15.96 percent. By how much did real GDP increase?Instructions: Round your answer to two decimal places._________%If the average worker produces $85,000 of GDP, by how much will GDP increase if there are 125 million labor-force participants and the unemployment rate drops from 4.5 to 4 percent?Instructions: Round your answer to two decimal places.________$ billion

Answer :- Nominal GDP increased from roughly $11 trillion in 2003 to $14.4 trillion in 2008. In the same period prices rose on average by roughly 15.96 percent. By how much did real GDP increase? Increase in nominal GDP= (14.4 – 11)*100/11 = 31% Hence, Increase in Real GDP =31% – 15.96% = 15.04% If the average worker produces $85,000 of GDP, by how much will GDP increase if there are 125…

illion labor-force participants and the unemployment rate drops from 4.5 to 4 percent? Instructions: Round your answer to two decimal places. Answer :- Increase in no. of worker = 0.5% of 125million =625,000 Increase in GDP =625,000 *$85,000 = $53.12500 billion