In its recent report, The Conference Board’s Global Economic Outlook 2015, updated November 2014 (http://www.conference-board.org/data/ globaloutlook.cfm), projects China’s growth between 2015 and 2019 to be about 5.5%. International Business Times (http//www.ibtimes.com/us-exports-china-have rown-294-over-past-decade- 1338693) reports that China is the United States’ third largest export market, with exports to China growing
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- Generally, how does the standard of living in the United States today compare to the standard of living in other countries? To the standard of living in the United States a century ago?The Bureau of Economic Analysis, or BEA, is a government agency collecting various U.S. economy statistics. From the BEA’s website, find data for the most recent year available on U.S. exports and imports of goods and services. Is the United States running a trade surplus or deficit? Calculate the ratio of the surplus or deficit to U.S. exports.There are many people out there providing opinions on the economy. How can differences of opinion about economic policy recommendations be resolved?arrow_forwardGiven below is the the real GDP and potential GDP for the fictitious country "Alpha." a. Use the data to determine the year-to-year growth rates of real GDP and the output gap as a percentage of potential GDP, and state whether the gap is a recessionary gap or an expansionary gap. Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Year 2012 2013 2014 2015 2016 2017 2018 2019 Real GDP $ 17,500 $ 18, 200 $ 18,500 $ 18,400 $ 18,200 $ 18,600 $ 19,200 $ 19,900 Potential GDP Real GDP growth $ 17,300 $ 17,800 $ 18,300 $ 18,800 $ 19,300 $ 19,700 $ 20,100 $ 20,500 % % % % Output gap % % % recessionary recessionary recessionary % recessionary de de Type of gap expansionary expansionary expansionary recessionary % Varrow_forward26. Chapter ma2pe09r, Section .32, Problem 052 (ID: 052.32.MANK09) Figure 32-5 Refer to the following diagram of the open-economy macroeconomic model to answer the questions that follow. Graph (a) Graph (b) REAL INTEREST RATE d b S₁ S₂ QUANTITY OF LOANABLE FUNDS REAL EXCHANGE RATE REAL INTEREST RATE NCO D₂₁ D₂ NET CAPITAL OUTFLOW Graph (c) S₁ S₂ S₂ h QUANTITY OF DOLLARS Refer to Figure 32-5. If the interest rate were initially at r₂ and an import quota were imposed, the interest rate would Oa. decrease because supply would shift right. Ob. stay at r2. Oc. decrease because demand would shift left. Od. increase because supply would shift left.arrow_forward
- Let's normalize Canadian GDP in 2005 to 100. Out of that, consumption was 70, investment was 20, government expenditure 20, and Canada ran a trade deficit of 10. In the following decade consumption grew at 1.5% per year, investment increased by 10% over the decade, and both government and net exports remained unchanged. Q: Calculate the average annual growth rate of GDP. Show your derivations.<arrow_forwardThe level of potential GDP for the US in the Growth Cycle model was assumed by most analysts to be 3.5% in the late 1990s and the early 2000s. Now it is estimated that potential is only 1.8 - 2.0%. What are some possible reasons for decline in potential GDP?arrow_forwardFor oil exporting countries, the negative effect of oil boom on their economies is mainly due to volatility of oil price. Discuss.arrow_forward
- When using AD/AS analysis to illustrate changes within an economy, which of the following would NOT need to be considered when looking at changes to economic growth? Select one: a. More efficient use of the capital stock b. Developing a more efficient capital and finance sector c. Increased labour productivity d. Increased availability of social capitalarrow_forwardIn a closed economy, saving and investment must be equal, but this is not the case in an open economy. In the following problem, you will explore how saving and investment are connected to the international flow of capital and goods in an economy. Before delving into the relationship between these various components of an economy, you will be asked to recall some relationships between aggregate variables that will be useful in your analysis. Recall the components that make up GDP. National income (Y) equals total expenditure on the economy's output of goods and services. Thus, where C = consumption, I = investment, G = government purchases, X = exports, M = imports, and NX = net exports: Y = Also, national saving is the income of the nation that is left after paying for Therefore, national saving (S) is defined as: Rearranging the previous equation and solving for Y yields Y = . Plugging this into the original equation showing the various components of GDP results in the following…arrow_forwardWhat can you infer from the 2018 Global Cities Index and the 2018 Global Cities Outlook?arrow_forward
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