Country X Country Y Country Z 1 YEAR 1 YEAR 1 YEAR AGO INDICATOR NOW NOW NOW AGO AGO Unemployment rate 7.5% 5.6% 7.9% 9.3% 5.5% 5.4% GDP growth rate 5.1% 1.9% 0.3% -1.2% 3.5% 3.7% Inflation rate 1.1% 0.2% 2.1% 0.0% 2.4% 2.3% 4. Which country would you want to start a new business in? Why? Country would be the best option to start a new business in because... 5. Describe how the economic indicators affect one another. If GDP increases the effect on unemployment will be an (increase/decrease) because... This change in unemployment will cause inflation to (increase/decrease) because...

Country X Country Y Country Z 1 YEAR 1 YEAR 1 YEAR AGO INDICATOR NOW NOW NOW AGO AGO Unemployment rate 7.5% 5.6% 7.9% 9.3% 5.5% 5.4% GDP growth rate 5.1% 1.9% 0.3% -1.2% 3.5% 3.7% Inflation rate 1.1% 0.2% 2.1% 0.0% 2.4% 2.3% 4. Which country would you want to start a new business in? Why? Country would be the best option to start a new business in because... 5. Describe how the economic indicators affect one another. If GDP increases the effect on unemployment will be an (increase/decrease) because... This change in unemployment will cause inflation to (increase/decrease) because...

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table below contains data for the country of Greenland, which produces only Apples and Bananas. The base year is 2017. Quantity of Price of Apples Quantity of Year Price of Price of waffles Apples Bananas Bananas 2017 $12 60 $ 4 250 2018 14 75 6 280 2019 17 90 8 300 2020 19 100 10 325 - Compute: nominal GDP, real GDP, GDP deflator, and Inflation rate in 2020.
What is a quantity index? Provide the formula. Using the data below construct a quantity index across time for year 0 as base year prices. Identify the expenditure in each year, the price index, and the inflation rate from the base year. Base prices Year 0 quantities Year 1 quantities Year 2 quantities Good 1 p, = 0.7 $%1 q*, = 2x, q', = 2.2x, q°, = 2.42x, %3D Good 2 p2 = 1.05 %2 q'2 = 4x2 q'2 = 4.4x2 q²2 = 4.84x2
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Question 1: In an economy, there are only two goods (Cars and cycles) produced. The data for last three years is given in the below table. Calculate the nominal and real GDP of three years and then find the GDP deflator for all the three years. Find year on year (YoY) inflation for 2018 and 2019. Note: the base year for this economy is given as 2017. year Price of Car (AED) Number of Car Price of cycle (AED) Number of cycle 2017 1000 10 200 900 2018 1200 15 210 1000 2019 1500 25 250 1500 Question 2: Explain the role of fiscal and monetary policy in an economy facing a recession. Use appropriate graph to justify your answer
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