From 2009 to 2019, the economy of country X grew at an annual rate of 5% andthe labor force grew at an annual rate of 3%. During this period, the Gini coefficient haschanged from 0.252 to 0.388, and the GDP deflator has changed from 105 to 110.-With regard to the above period, can you talk about the changes in overall economicperformance, including labor productivity, income distribution and price levels, from theabove data? Briefly explain your answer.e

Answered: From 2009 to 2019, the economy of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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From 2009 to 2019, the economy of country X grew at an annual rate of 5% and
the labor force grew at an annual rate of 3%. During this period, the Gini coefficient has
changed from 0.252 to 0.388, and the GDP deflator has changed from 105 to 110.-
With regard to the above period, can you talk about the changes in overall economic
performance, including labor productivity, income distribution and price levels, from the
above data? Briefly explain your answer.e

Expert Solution

Step 1

Economic performance is measured in terms of the change in some vital macroeconomic variables such as the unemployment rate, aggregate output, growth rate, labor productivity, etc, which indicate how successful the economy was in achieving its long-run objectives. In the short run, economic performance is analyzed in terms of the economy's ability to overcome its business cycle fluctuations and maintain stabilization during unpredicted shocks.

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