Question

The GDP deflator for Maryland in 2019 is 92 and for 2020 it is 94. The population of
Maryland is 32 million in both 2019 and 2020.
a. Using the table, Calculate GDP of Maryland for 2019.
b. Using the GDP deflator, calculate real GDP for Maryland for 2019 and 2020.
c. Calculate real econfimic growth rate per capita for the Maryland economy
between 2019 and 2010
d. Using the data provided and your knowledge of economics, recommend the
policy of abandoning GDP as a measure of well-being and adopting an alternative
composite living index.

Answer 1

Explanation:

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