Units National curren Billions National curren Billions National curren Units 2016 2,564.13 2,490.62 2018 E 2,742.79 Scale Subject Descriptor S Gross domestic product, constant prices S Gross domestic product, current prices Gross domestic product per capita, constant prices SGross domestic product per capita, current prices S Unemployment rate 2014 2,450.99 2,260.01 2015 2017 2,509.51 2,398.28 343,312.72 328,095.54 Sc 2,662.84 2,662.84 359,206.81 359,206.81 Sc 337,932.28 2,842.88 366,369.28 Se 347,579.67 337,614.65 National curren Units Percent of total labor force Se 311,600.19 379,739.71 Sc 3.262 3.307 3.387 3.119 2.809

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Part B:

Growth rate in 2018 for Real GDP= 3.00%

Growth rate in 2018 for Nominal GDP= 6.76%

Growth rate in 2018 for Real GDP per capita = 1.99%

Growth rate in 2018 for Nominal GDP per capita = 5.72%

Suppose the average unemployment rate of Hong Kong from 1999 to 2018 was 4.59%. Which phase of the business cycle best describe Hong Kong’s economic situation in 2018? Briefly explain your answer. 

Units
National curren Billions
National curren Billions
National curren Units
2016
2,564.13
2,490.62
2018 E
2,742.79
Scale
Subject Descriptor
S Gross domestic product, constant prices
S Gross domestic product, current prices
Gross domestic product per capita, constant prices
SGross domestic product per capita, current prices
S Unemployment rate
2014
2,450.99
2,260.01
2015
2017
2,509.51
2,398.28
343,312.72
328,095.54
Sc
2,662.84
2,662.84
359,206.81
359,206.81
Sc
337,932.28
2,842.88
366,369.28
Se
347,579.67
337,614.65
National curren Units
Percent of total labor force
Se
311,600.19
379,739.71
Sc
3.262
3.307
3.387
3.119
2.809
Transcribed Image Text:Units National curren Billions National curren Billions National curren Units 2016 2,564.13 2,490.62 2018 E 2,742.79 Scale Subject Descriptor S Gross domestic product, constant prices S Gross domestic product, current prices Gross domestic product per capita, constant prices SGross domestic product per capita, current prices S Unemployment rate 2014 2,450.99 2,260.01 2015 2017 2,509.51 2,398.28 343,312.72 328,095.54 Sc 2,662.84 2,662.84 359,206.81 359,206.81 Sc 337,932.28 2,842.88 366,369.28 Se 347,579.67 337,614.65 National curren Units Percent of total labor force Se 311,600.19 379,739.71 Sc 3.262 3.307 3.387 3.119 2.809
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