Problem 3. (25 points) Below is data on two countries: Country A $21mil $25mil $10mil $15mil 100 Nominal GDP in 2015 Nominal GDP in 2016. Real GDP in 2015 Real GDP in 2016 Population in 2015 Country B $360mil $370mil $340mil $345mil 1000 Answer the questions below providing appropriate computations (i.e. computing and comparing GDP per capita, growth rates and inflation rates). 1. Which country has higher GDP per capita in 2015? What does this say about living standards? 2. Which country's economy grew more in 2016? 3. Which country has higher inflation in 2016?
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- 2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross do product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion S. Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 GDP (billion $) 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295Dollars (trillions) 25 20 15- 10- 0 -5 11 Expenditure components of nominal GDP 1950 GDP (Y) Consumption (C) Investment (1) Government spending (G) Exports (X) Imports (M) 1960 Figure Data Notes 1970 198 1990 2000 2010 The following will refer to the data table in the chart above, to access the data table for this graph you will need to click on the data button at the bottom of the chart. In Q2 of 2008 which of the following were above 9 trillion dollars (annualized)? Select the two correct answers.2) Below is the Table showing the annual gross electricity demand (TW.h) of Turkey versus gross dom product a) Draw gross domestic product versus electricity consumption and find the equation of the line by the graphical method (be careful determining the dependent and the independent variables) b) By using the equation you have found, predict the electricity demand when GDP becomes 2500 billion $. Year GDP (billion S) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 800 928 1024 1120 1094 1250 1433 1532 1691 1861 1966 2040 2186 gross annual electricity consumption (TWh) 161 175 190 198 194 210 230 242 246 257 266 279 295
- 2. The following table shows an example of gross domestic product values for five countriesfrom 2005 to 2010 in equivalent U.S. dollars ($). a. How could you improve the readability of this table?b. The file GdPyears contains sample data from the United Nations Statistics Divisionon 30 countries and their GDP values from 2005 to 2010 in U.S. dollars ($). Create atable that provides all these data for a user. Format the table to make it as easy to readas possible.13. Use the table below to answer the question. Gross Domestic Product Per Capita (GDP) Years in SchoolLiteracy in U.S. Dollars Country Rate (Primary to Tertiary) Brazil 14 years 88.6% $10,800 (2010 estimate) India 10 years 61% $3,500 (2010 estimate) United 16 years 99% $34,800 (2010 estimate) Kingdom Which statement best explains the information in this table?File Tools View EXERCISE 2 FOR NATIONAL INCOME [Compatibility Mode] - Word Electricity, gas, and water 64,000 Indirect tax 36,000 KUPTM Subsidies 220,000 Wages and salary KOLEJ UNIVERSITI POLY-TECH MARA KUALA LUMPUR -32,000 ЕСОЗ033/ ЕСO201 - ЕCONOMICS Calculate: EXERCISE FOR CHAPTER 6: NATIONAL INCOME i. Gross domestic product (GDP) at market price. QUESTION 1 Table 1 shows the national income for Zimbabwe in December 2020. 11. Gross national product (GNP) at market price. Table 1: National Income Statistics for Zimbabwe in December 2020. ITEMS RM MILLION Agriculture 48,000 Mining and quarrying 10,000 iii. 111. Gross national product (GNP) at factor cost. Education 12,000 Military 64,000 Telecommunication 84,000 Net payment from abroad 240,000 iv. National income Capital consumption 60,000 Tourism 92,000 Screens 1-2 of 4 100%
- (a) Briefly explain the National Income Accounts and the balance of payments (b) Briefly describe any two macro-policies by the government of Zambia which are aimed at promoting the agricultural sector in Zambia.3|| Page (c) Using the economic information in the table below, you are required to calculate the GDP for the economy represented by this information. Table.1. Information about GDP ITEM VALUE (K) Final Sales to Consumers 4,924,300,00O Final Sales to Businesses 1,065,300,000 Final Sales to Government 1,358,500,000 Final Sales to Foreigners - 102,300,000Table 1: Items for GDP Calculation Item Billions of Dollars 250 Government expenditure on goods and services Compensation of employees 1,675 325 Gross private domestic investment Rental income 20 1425 Personal consumption expenditures Net interest 40 Net exports of goods and services 100 Indirect business taxes and depreciation 300 1. The table 1 above shows some (but not all) national income accounting data for a hypothetical country. According to these data, the value of GDP is billion. a) £2100 b) £2050 c) £1850 d) £2000 2. When a worker quits a job to look for a better job, a) frictional unemployment increases. b) structural unemployment decreases. c) structural and cyclical unemployment increase. cyclical unemployment increases. d) Student ID number: X W 0 Labor (billions of hours per year) 3. Based on the above figure, the country of Kemper is on its aggregate production function at point W. The government of Kemper passes a law that makes 4 years of college mandatory for all…What are the main components of measuring GDP with what is produced?
- Is it possible for GDP to rise while at the same time per capita GDP is falling? Is it possible for GDP to fall while per capita GDP is rising?Principles of Macroeconomics "T1301102" Student name: First Exam- PART2, 13/0372021 St # Question (20 points) Refer to the table below, answer the questions that follow: Personal consumption expenditures Government purchases- Net private domestic investment Exports Imports Depreciation Receipts of factor income from the rest of the world Payments of factor income to the rest of the world 600 100 200 50 -60 40 30 50 1 The value for GDP is 2. The value for GNPIS 3. The value for NNP is 4. The value of NI is (30 points) Question 2 A- Discuss therelationship between ourput, unemployment, & inflation.able 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…