Econ_2

# Econ_2 - Econ 101: Macroeconomics Dr. Cruz-Zuniga Homework...

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Econ 101: Macroeconomics Dr. Cruz-Zuniga Homework #2 1. Y=C+I+G+N-X GDP= 4000 + 3600 + 2800 + 2000 – 2400 = 10,000 2. 2006 and 2005 Contribution to Real GDP: Wheat= 20 bushels * \$2.00 = \$40.00; Rice= 10 bushels * \$1:00 = \$10.00 Contribution to Real GDP = \$50.00 2005 Quartiles and Prices: Wheat= 20 bushels * \$2.00 = \$40.00; Rice= 10 bushels * \$1:00 = \$10.00 Contribution to Real GDP = \$50.00 3. A) RGDP = GDP2006 – GDP2005/GDP2005 * 100. Canada GDP Growth= 2.8% United Kingdom GDP Growth= 2.8% and United States GDP Growth= 2.87% B)The U.S. had the highest GDP growth from 2005-2006, which is a good sign for the U.S. economy because it reflects improvement for the standard of living and quality of life for American consumers. C) Nominal GDP/Real GDP * 100 = GDP Deflator: Canada 1.38% United Kingdom 1.36% United States 1.13% D) Real GDP/Population = Per Capita GDP: Canada 25,562 United Kingdom 27,582 United States 37,859 The United States has the highest Per Capital GDP indicating that the average American has accumulated more money than

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## This note was uploaded on 04/08/2008 for the course ECON 101 taught by Professor Cruz during the Spring '08 term at Catholic.

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Econ_2 - Econ 101: Macroeconomics Dr. Cruz-Zuniga Homework...

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