ECON 305

The data in the table below are for the country of Eturia. 10 2015 2016 2017 points Nominal GDP ($billions) 350 386 430 Real GDP ($billions) 330 355 377 Population (millions) 16 17 17.5 eBook a. GDP deflator b. Real GDP per capita $ Print $ $ c. Growth rate of real GDP per capita % % References a. Calculate the GDP deflator for years 2015, 2016, and 2017 and enter the values in the table above. Enter your responses rounded to one decimal place. b. Calculate real GDP per capita for the three years and enter the values in the table above. Enter your responses rounded to the nearest dollar. c. Calculate the growth rate of real GDP per capita for years 2016 and 2017 and enter the values in the table above. Enter your responses rounded to one decimal place.2 Labour force data for Eturia (all in millions) are shown in the table below. Enter your responses below rounded to one decimal place. 10 EE_IEE- points E-'- eEook Print R a. What are the labour force participation rates in each year? eferences The labour force participation rate for 2015 is C] 96, for 2016 is C] 96, for 2017" is C] '36. b. What are the unemployment fates in each year? The unemployment rate for 2015 is C] '36, for 2016 is C] 96, for 2017 is C] 96. c. What are the annual inflation rates in the years 2016 and 201?"? The annual inflation rate in the year 2016 is [:] 9s and for 201? is [:] '36. d. What was the percentage increase in population in the years 2016 and 201?? The percentage increase in population in the year 2016 is C] '36 and in 2017 is C] '36. e, If the population continues to increase at this rate, how long will it take for the population to double? it will take about [:] years for the population to double, 3 The average nominal incomes earned in Eturia and the CPI are shown in the table below. 10 2015 2016 2017 points Nominal income $27,000 $31,000 CPI (2002 = 100) $35,000 106 106 111.5 a. Real income $ $ eBook b. Percentage change of real income % % Print a. Calculate real income for each year. Enter your responses in the table above. Round your answers to the nearest dollar. References b. By what percentage did real incomes rise in the years 2016 and 2017? Enter your responses rounded to one decimal place, in the table above.10 points eBook Print References The information in the table below is for the economy of Mensk. Round your responses below to one decimal place. Number O'F discouraged worker's !_ a. What is the unemployment rate? Enter your response in the table above. b. What is the participation rate? Enter your response in the table above. 5 The table below shows national data for the economy of Westfall. Enter your responses rounded to one decimal place with the exception of Real GDP per capita that can be entered as a whole number. 10 points a. Fill in the blanks in the table below. 2015 2016 2017 eBook Nominal GDP (in billions) $800 $898 $ GDP deflator (2010 = 100) 111 121 Print Real GDP (in billions) $ $764 $ References Population (in millions) 32 34 Real GDP per capita $ $23, 145 $23,935 b. The inflation rate in 2016 is %. c. The growth rate of real GDP per capita in the year 2017 is %.6 The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. 10 What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the final row of points the table. 2015 2016 2017 eBook Real GDP ($billions) $700 $675 $825 Unemployment rate 8. 6% 7. 4% 6.4% Print GDP Gap (billions) $ ReferencesSuppose that James's income in Year 1 was $38,000. Over the next four years his income increases by 5% per year. At the same time, the economy experiences an inflation rate of 3% per year. 7 points a. Complete the table below. Do not round your intermediate calculations. Enter your final responses as a whole number for Nominal income and Real income. Enter your nal responses for the price index rounded to one decimal place. eBook Nominal income Price index Real income $38,666 Print References b. At the end of Year 5, James's real income will be $ :] . \f9 The CPI in Eturia is as shown in the table below. 10 What are the annual inflation rates in the years 2016 and 2017? Enter your responses, rounded to one decimal place, in the last row of points the table below. 2015 2016 2017 eBook CPI (2010 = 100) 116 121 128 Inflation rate Print References