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1. What are the two accounts of an economic system (be sure to identify which account is the source and which is the use of funds)? List all the components on both sides as they appear in the text.
Table 1: US Nominal GDP broken down by Component (Dept. Of Commerce Data)
Year
C
I
G
(X-M)
Nominal GDP
t-2
$100
$55
$50
$5
t-1
$175
$65
$60
$10
t0
$250
$75
$70
t+1
$500
$85
$80
$0
t+2
$700
$95
$90
($5)
2. Compute the total (nominal) GDP for the selected years in Table 1 above.
3. (i) Draw the different components of GDP for the selected years in a graph.
(ii) Draw the aggregate GDP for the selected years in a graph
4. What is equation for an index number in general? For a Price index? For a quantity index?
5. Using the data below calculate the growth rate for any four regions across both sets of dates: period 1 from 1982 t0 1950 and period 2 from 1950 to 2009. Also calculate the average growth rate of the period.
Use the formula:
gy = 1/T[ln(YT)- ln(Y0)]
Growth Rates
1820-1950 1950-2009
Income Levels (in 1990 ire! $)
1820 1950 2007
The %odd
0.9
2.1
$675
$2,108
$7,300
W. Europe
1.1
2.6
1,202
4,578
21,200
N. Am erica
1.6
2.0
1,253
9,463
31,000
Japan
0.8
4.8
660
1,921
22,500
E. Europe
2.2
683
2,111
7,600
Form er USSR
1.8
1.5
700
2,600
6,800
Latin America
1.0
691
2,503
6,500
China
-0.2
4.4
600
448
6,050
East Asia
0.3
3.5
500
668
5,300
Africa
0.6
420
1,307
1,700
Discuss some of the differences between developing countries and industrial market countries, including differences other than per capita income. Give examples.
The following statements describe either a stationary or non stationary series. Indicate which statement is stationary and which one is non stationary series.
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