1) Answer the followings: a-c a) Unanticipated inflation helps some groups in the economy. T or F b)The rule of 70 is used to find how long it will take an economy to double in size. T or F c) If a nation's real GDP increases from 100 billion to 106 billion and its population stays constant, its real GDP per capita will: 1) remain constant 2) fall by 6% 3)rise by 6 percent 4)fall by 12%

Q1. A) Supposing in 2017 Nigeria and Ghana have the following indicators: Indicators Nigeria Ghana GDP per capita $1,241 $1,840 Life expectancy 65.7 years 69 years Adult literacy 53.5% 67.5% Gross enrolment ratio 52.1% 65.3% Calculate the traditional HDI for the two countries and interpret your results. B) Discuss the major causes as well as the consequences of inflation in Nigeria. How can inflation be controlled? Q2. Differentiate clearly between poverty and income inequality, and explain the main causes of income inequality in Nigeria. How can we narrow income inequality in our country?

When real GDP is greater than potential GDP, there is ________ which leads the inflation rate to ________.

compare and contrast the inflation rate of OECD countries  i.e. germany ,france, australia, italy, belgium, finland, new zealand, mexico, denmark, austria?

Suppose that the average annual growth rate of nominal GDP over a period is 6.8% and the average annual inflation rate over the same period is 3.7%. What is the growth rate of real GDP? Use the exact formula and express your answer in percentage rounded to the nearest first decimal.

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“I do not think it is an exaggeration to say history is largely a history of inflation, usuallyinflations engineered by governments for the gain of governments.” F.A Hayek.“The government solution to a problem is usually as bad as the problem and very oftenmakes the problem worse.” M. Friedman“Every government intervention [in the marketplace] creates unintended consequences,which lead to calls for further government interventions.” Ludwig von Misesa) The above quotes criticizes government interventionism to the economy. But,Keynesians believe that there is no way to stabilize the markets other than throughgovernment intervention (spending, taxes, planning and regulation). By givingreferences to the end of the Keynesian Era, explain why government interventionismhas lost its popularity after the 1970s.

Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most balanced picture of how prices fluctuate in the economy. Two of the most commonly used price indexes are the consumer price index (CPI) and the GDP deflator. The GDP deflator for this year is calculated by dividing the value of all goods and services produced in the economy this year using_________ by the___________using___________and multiplying by 100. However, the CPI reflects only the prices of all goods and services____________.

(1) The following table gives some figures from a forecast of real GDP and population done in 2009.< Real GDP 2010 (billions)<| $9,558.6 Real GDP 2011 (billions) $9,729.1¹ A Population 2010 (millions) Population 2011 (millions) (i) According to the forecast, approximately how much price inflation will there be between 2010 and 2011? 279.1↔ 281.9¹ (ii) What is the per capita GDP projected to be in 2010 and 2011? ܒܢ (iii) Compute the forecast rate of change in real GDP and per capita real GDP between 2010 and 2011. (iv) If you buy a new car, the entire purchase is counted as consumption in the year in which you make the transaction. Explain briefly why this is in one sense an “error” in national income accounting. How is the purchase of a car different from the purchase of a pizza? How could you correct this error? 0

If nominal GDP grows by 7% but inflation rises 3%, what is the real GDP?