ECO 2013 Principles of Macroeconomics Global Citizens Assignment In this assignment, you will examine GDP for different countries and the factors that lead to different rates of economic growth among countries and you will be asked for your economic advice. ANSWER EACH NUMBERED QUESTION SEPARATELY. 1. GDP: Calculate the values to fill in the blanks in the shaded areas of the table below: Expenditure Components of GDP by Country, 2017 (billions of US dollars) Brazil Canada France Germany India Japan Norway UK US Consumption 1303.9 956.2 1396.4 1952.0 1522.4 2704.4 177.9 1729.4 13321.4 Investment 387. 6 605.8 455. 8 4011. 2 Business fixed investment 742.1 789 167. 2 112.5 321.4 375.1 582.1 99.7 4518 3985.7 Ho 753.5 Changes in inventories 772.6 1169.5 -2.7 13.5 23.7 11.4 16.4 -2.3 12.8 4.0 25.5 Government 412.1 341.2 608.7 719.9 293. 956.4 96.4 479.7 2731.2 Net Exports 20.9 -38 94 - 28 5 279. 3 - 76 .8 44, 4 d. 6 29.2 -578.4 Exports 258.3 511.4 797.5 1737.6 490.5 860.2 144.7 795.1 2350.2 Imports 237.4 550.3 826.0 1458.3 567.3 815.8 132.1 824.3 2928.6 GDP 2 055.14 1647.1 2582. 41 3693.3 2527,7 48724 399.4 2635,7 19,485.4 Source: UNData, UN Statistics Division, data.un.org, GDP by Type of Expenditure at current prices - US dollars 2. Based on the information in the table and your calculations for Question #1: Do any countries have positive net exports? yes Which one(s)? Which country has the largest negative net exports? us Brazil, Germany, Japan, Norway 3. Suppose that one of the countries above asks for your advice about trade. Policymakers in the country want information about the impact of trade on GDP and whether they should be concerned about negative (or positive) net exports. How would you respond? Policy makers should be concerned with net exports, Net exports will increase your RDP if it's positive while negative net exports will decrease your GDP. If you have higher Imports then your net exports will be a negative so a country wants to export more the 4. Economic growth: Based on information from the World Bank, in 2018, GDP per capita was $62,641.0 in the United States and $77,449.7 in Ireland - very similar values (and relatively high values compared to many countries). But, the annual rate of GDP growth averages 2.2% in the United States and 5.6% in Ireland. Would you predict the United States or Ireland to have a more rapid increase in the standard of living in the long run? relord Discuss what evidence/theory from Chapter 11 you are using to support this prediction. Its pointed out in ChapterIl, even small differences in the annual rate of GDP growth, compounded over severaldecades, produces dramatically different outcomes. 5. The United Nations Human Development Index (HDI) uses information about a country's life expectancy at birth (health), expected years of schooling and mean years of schooling (education), and Gross National Income per capita (standard of living) to create a measure that ranges from 1 (very high) to 0 (very low). For 2017, the United States had a value of 0.924, compared to 0.926 for Canada and 0.922 for the United Kingdom - very similar values. Based on this information, suppose a developing country (such as Afghanistan and Haiti which each had a value of 0.498) asks for your advice on which country it should try to emulate in order to increase its level of development and economic growth. Which country would you choose? Explain what additional information about each country would be important to making this assessment