Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me to callculate!!! Thx!! Question 3 Refer to the following data about Country X. Year 1 Year 2 Total population (million) 3.5 3.8 Nominal

Help me to callculate!!!

Thx!!

image text in transcribed
Question 3 Refer to the following data about Country X. Year 1 Year 2 Total population (million) 3.5 3.8 Nominal G DP (S'million) 426,550 543,400 GDP deflator 106 110 Calculate the change in Real GDP per capita between year 1 to year 2. (3 marks) Does the answer in (a) fully reect the change in people's living standard in Country X? State two supporting reasons in your answer. (3 marks) Calculate the inflation rate of Country X in year 2. (2 marks) Suppose people in Country X do not expect the change in the general price level during year 1 and 2. Explain whether the following people will lose or gain. (2 marks) i) Mrs. Cheung deposited $100,000 cash into a time deposit account in year 1, with interest rate of 3% pa ii) Jacky signed a 2-year rental contract for a shop premises at monthly rent of $28,000 in year 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Theory Of Moral Sentiments

Authors: Adam Smith, D D Raphael

1st Edition

0865970122, 9780865970120

More Books

Students also viewed these Economics questions

Question

Describe the use of tests in the selection process.

Answered: 1 week ago

Question

Explain pre-employment screening and background checks.

Answered: 1 week ago