Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 27CTQ: Describe a situation, either a government policy situation, an economic problem, or a private sector...
Related questions
Question
![When the economic performance of a country/region is better, we can also say that
the living standard of the people may also be higher.
1.
In your opinion, what is the meaning of "high living standard"?
2. Choose one item from the list below and explain how it can reflect the living
standard of the people.
Happiness index, crime rate, average schooling years, life expectancy, average
working hours, median family income, number of holidays per year, level of
pollution, average weight of rubbish disposed per person, amount of savings
per person
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F328f8d90-bd33-49fe-a211-8cc96cf94b12%2F874b0f8c-defd-48a1-b7b9-2d650e9ae091%2Flsxfgw_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When the economic performance of a country/region is better, we can also say that
the living standard of the people may also be higher.
1.
In your opinion, what is the meaning of "high living standard"?
2. Choose one item from the list below and explain how it can reflect the living
standard of the people.
Happiness index, crime rate, average schooling years, life expectancy, average
working hours, median family income, number of holidays per year, level of
pollution, average weight of rubbish disposed per person, amount of savings
per person
1
![A 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?
2](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F328f8d90-bd33-49fe-a211-8cc96cf94b12%2F874b0f8c-defd-48a1-b7b9-2d650e9ae091%2F32a4i9r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A 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?
2
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