HW8 - Homework 8 Solutions ECON 010, Fall 2011 Question 1:...

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Unformatted text preview: 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, Tailands Real GDP INCREASED / DECREASED by %. b. From 2005 to 2010, Tailands Real GDP INCREASED / DECREASED by %. c. From 2000 to 2005, Tailands Real GDP per capita INCREASED / DECREASED by %. d. From 2005 to 2010, Tailands Real GDP per capita INCREASED / DECREASED by %. Question 2: Calculating GDP Following table shows data from the United Kingdom in 2005. Item Billions of Pounds Wages paid to labor 685 Consumption expenditure 791 Indirect Taxes - Subsidies 394 Transfer payments 267 Profits 273 Investment 209 Government expenditure 267 Exports 322 Saving 38 Imports 366 a. Explain the approach (expenditure, income, or value added) that you used to calculate GDP....
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HW8 - Homework 8 Solutions ECON 010, Fall 2011 Question 1:...

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