ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
expand_more
expand_more
format_list_bulleted
Question
2020 Q1 |
63.8 |
2020 Q1 GDP (billions of 2020Q1 NZ Dollars) |
79.2 |
2020 Q2 GDP (billions of 2010 NZ Dollars) |
57.5 |
2020 Q2 GDP (billions of 2020Q2 NZ Dollars) |
71.2 |
|
|
2020 Q1 |
105.2 |
2020 Q2 CPI (2017 Q2 = 100) |
104.7 |
Calculate Africa's nominal GDP growth rate between the first and second quarters of 2020.
Expert Solution
arrow_forward
Step 1
Nominal GDP measures the value of goods and services at current prices.
Step by stepSolved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Similar questions
- Three Irish sisters are thinking about emigrating in 1870. The options are going to the United States or Argentina, or staying in Ireland. They cannot agree where to go and split up. One stays in Ireland, one emigrates to the United States and one to Argentina. The following table provides information on real GDP per capita in 1870, 1913, and 1929 in Ireland, the United States and Argentina expressed in U.S. dollars of 1990, which we will use to analyze how each did. Real GDP per capita 1870 1913 1929 Ireland 1,775 2,736 2,824 United States 2,445 5,301 6,899 Argentina 1,311 3,797 4,367 (d) Suppose by 1913 each of the sisters has a daughter who is thinking about emigrating. The daughters forecast income in 1929 using the average growth rate observed between 1870 and 1913. Find the forecasted 1929 real GDP per capita level for each country.arrow_forwardBased on the GDP information in the table below for 2 countries: Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000 Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.arrow_forwardThe accompanying table shows data on nominal GDP (in billions of dollars), real GDP (in billions of 2012 dollars), and population (in thousands) of the United States in 1968, 1978, 1988, 1998, 2008, and 2018. The U.S. price level rose consistently over the period 1968–2018. Year Nominal GDP(billions of dollars) Real GDP(billions of 2012dollars) Population(thousands) 1968 $941 $4,792 200,745 1978 2,352 6,569 222,629 1988 5,236 8,866 245,061 1998 9,063 12,038 276,154 2008 14,713 15,605 304,543 2018 20,580 18,638 327,436 c. Calculate real GDP per capita for the following years. Round answers to the nearest dollar. Real GDP per capita in 1978:________ Real GDP per capita in 1988:________ Real GDP per capita in 2008:________ Real GDP per capita in 2018:________arrow_forward
- 1. GDP per capita and quality of life The following table lists gross domestic product (GDP) and approximate population for four countries in 2020. Note that GDP is given in millions of U.S. dollars (USD). For example, a value of 20,936,600 suggests that U.S. GDP was approximately $20.9 trillion in 2020. GDP per capita, however, is simply given in dollars (USD). Calculate GDP per capita for each country and enter it in the fourth column of the table. GDP GDP per capita Country India France (Millions of USD) Population (USD) 2,622,984 1,380,004,390 2,603,004 67,391,580 United States 20,936,600 329,484,120 Ethiopia 107,645 114,963,580 Source: "The World Bank." Based on your calculations of GDP per capita, the quality of life in France is probably the quality of life in India. What are some of the problems associated with using GDP per capita to compare the quality of life among countries? Check all that apply. OGDP per capita is not correlated with economic growth and development. The…arrow_forwardA case study: Hong Kong Major Economic Indicators 2017 2018 Population, Mid-year (mn) 7.39 7.45 Gross Domestic Produet (USS bn) 341.4 Come 364.8 GDP Per Capita (USs) (G people 46,180 48,958 Real GDP Growth (%) +3.8 +3.0 the t of Inflation (% Change in Composite CPI) +1.5 +2.4 Unemployment Rate (%) 3.1 2.8 Retail Sales Growth (%) +2.2 +8.7 Number of Visitors (mn) 58.5 65.1 Visitor Arrivals Growth (%) +3.2 +11.4 1. How do you interpret the above information on Hong Kong Economy? 2arrow_forwardd. Identify and explain the most likely type of unemployment that resulted in an increase in the unemployment rate in 2020. e. Using the most relevant macroeconomic variable(s) in the table, identify the Central Bank response to address macroeconomic issues in 2020. f. Using the data in the table analyse the effectiveness of Central Bank's policy in addressing aggregate demand. g. Determine with the aid of diagram(s) the intended macroeconomic impact of the monetary policy measure employed by the Central Bank on national income.arrow_forward
- You are going to compare and contrast the GDP of the United States to that of another country of your choice for the last 3 years. Your report in narrative format should address the following questions: Describe the current GDP growth rate of the two countries. Which component of the GDP of the two countries changed the most for the last 3 years? Identify the possible causes of the changes. Describe the biggest component of the GDP of the two countries. What recommendations would you make in order to boost the GDP of the two countries?arrow_forwardAccording to the table, Canada has the eleventh-highest GDP among the countries with the largest economies in the world. Does this mean Canada also has the eleventh-best standard of living? Fill in the blanks to complete the passage. World's Largest Economies by GDP, 2013 (1) (2) Country (3) (4) Per capita GDP (U.S. dollars) Rank 2013 GDP (billions of U.S. dollars) $53,042 United States $16,768 1 6,807 2 China 9,240 38,634 3 Japan 4,920 46,269 4 Germany 3,730 42,503 5 France 2,806 United Kingdom 41,787 6 2,678 11,208 7 Brazil 2,246 2,149 35,926 8 Italy 18,783 Russia 2,097 1,499 10 India 1,877 11 Canada 1,827 51,958 Drag word(s) be low to fill in the blank(s) in the passage. Canada's GDP is a that Canadians have the eleventh-best standard of living. A nation's better standard-of-living indicator, because it measures Using this measure, it looks like Canada has a better standard of living than all but one other nation. total productivity indicates does not indicate per capita GDP average…arrow_forwardTwo countries, Country N in North America and Country S in South America, have the same CPI basket. Year 2000 is the CPI base year for both countries. In that year, the cost of CPI basket in Country N is $N100, and in country S is $s1000, where $N and $s are their respective currencies. Twenty years later, in 2020, the CPI in Country N rose to 240, and in Country S to 360. a) In the ideal world in which the purchasing power parity (PPP) holds true, what should be the nominal exchange between $s and $N in Year 2000 and in Year 2020. Show calculations and explain the change in nominal exchange rate. b) Suppose in reality, the nominal exchange rage between the two currencies is 18 $s per $N in Year 2020. First, explain why the nominal exchange rate differs from your calculation above. Second, calculate the real exchange rate between the two countries, and explain the meaning of your calculated result. c) During Year 2021, the growth of the real GDP in the two countries are, 0% in country…arrow_forward
- Eco please help.....arrow_forwardThe price of gold (end-of-year closing price in dollars per troy ounce) is shown in the table below. The CPI index for the given years is shown to the right. Complete parts (a) through (c) below. Average Annual Consumer Price Index (CPI) Year 1986 1996 2006 2016 Year 1986 1996 2006 2016 CPI 109.6 156.9 201.6 240.0 Price $281 $434 $896 $1118 a. The prices shown in the table above are not adjusted for inflation. Revise the above table to express all prices in terms of 2016 dollars. Year 1986 1996 2006 2016 2016 2$ $4 Price (Round to the nearest cent as needed.)arrow_forwardSuppose nominal GDP in 2018 was $180,000,000 and in 2019 it was $185,000,000. The GDP price index in 2018 was 150 and in 2019 it was 153. The population in 2018 was 2,580 and in 2019 it was 2,600. Calculate Real GDP and Real GDP per capita in each year. Calculate the growth rates of Nominal GDP, Real GDP, and Real GDP per capita. Describe why the growth rates so different?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education