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HW8 Solutions

HW8 Solutions - Homework 8 Solutions ECON 010 Fall 2011...

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Homework 8 Solutions ECON 010, Fall 2011 Question 1: GDP and Inflation Suppose that you are given the following data from Thailand. Answer the questions below. Year GDP Price Index Population (billions of Thai Baht) (Base Year: 2000) (in millions) 2000 4,922 100 61.2 2005 6,924 112 65.4 2010 10,103 135 67.3 a. From 2000 to 2005, Tailand’s Real GDP INCREASED / DECREASED by %. Answer: Thailand’s real GDP in 2000 is 4922. Thailand’s real GDP in 2005 is 6924/1.12=6182.14. Therefore, from 2000 to 2005, Tailand’s Real GDP increased by 25.6%. b. From 2005 to 2010, Tailand’s Real GDP INCREASED / DECREASED by %. Answer: Thailand’s real GDP in 2005 is 6182.14. Thailand’s real GDP in 2010 is 10103/1.3=7483.70. There- fore, from 2005 to 2010, Tailand’s Real GDP increased by 21.1%. c. From 2000 to 2005, Tailand’s Real GDP per capita INCREASED / DECREASED by %. Answer: Thailand’s real GDP per capita in 2000 is 4922/61.2=80.42 (thousand Thai Baht per person). Thai- land’s real GDP per capita in 2005 is 6182.14/65.4=94.52 . Therefore, from 2000 to 2005, Tailand’s Real GDP per capita increased by 17.54%. d. From 2005 to 2010, Tailand’s Real GDP per capita INCREASED / DECREASED by %. Answer: Thailand’s real GDP per capita in 2005 is 94.52 (thousand Thai Baht per person). Thailand’s real GDP per capita in 2010 is 7483.70/82.1=111.20. Therefore, from 2005 to 2010, Tailand’s Real GDP per capita increased by 17.65%.

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HW8 Solutions - Homework 8 Solutions ECON 010 Fall 2011...

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