06:11 & MN{ al 100%E Expert Q&AHKSARStatisticsUnits20142015201620172018Real GDP (billions)National currency2,450.992,509.512,742.792,842.88337,932.28 343,312.72 347,579.672 359,206.81 366,369.282,564.132,662.84Nominal GDP (billions) National currency2,260.0102,398.282,490.622,662.84National currencyReal GDP per capitaNominal GDP per capita National currency311,600.19 328,095.54 337,614.65 359,206.81 379,739.71Unemployment ratePercentage3.2623.3073.3873.1192.809b. Using the table above, calculate the growth rates in2018 for the Real GDP, Nominal GDP, Real GDP percapita and Nominal GDP per capita of Hong Kong.c. Based on the results in part b, was the inflation rateof Hong Kong in 2018 positive? Briefly explain youranswer.d. Based on the results in part b, was the populationgrowth rate of Hong Kong in 2018 positive? Brieflyexplain your answer.e. Suppose the average unemployment rate of HongKong from 1999 to 2018 was 4.59%. Which phase ofthe business cycle best describe Hong Kong'seconomic situation in 2018? Briefly explain youranswer.II

(b)- The formula for calculating growth rate of GDP is shown below.

Answered: 06:11 & M N{ al 100% E Expert Q&A HKSAR…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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