1 eBook Print The data in the table below are for the country of Eturia. Nominal GDP ($billions) Real GDP ($billions) Population (millions) a. GDP deflator b. Real GDP per capita c. Growth rate of real GDP per capita $ 2018 320 300 16 $ 2019 356 325 17 % $ 2020 400 347 17.5 % a. Calculate the GDP deflator for years 2018, 2019, and 2020 and enter the values in the table above. Enter your responses rounded to one decimal place. b. Calculate real GDP per capita for the three years and enter the values in the table above. Enter your responses rounded to the nearest dollar. c. Calculate the growth rate of real GDP per capita for years 2019 and 2020 and enter the values in the table above. Enter your responses rounded to one decimal place. 2 The data for three countries (all with the same base year, with figures converted to Canadian dollars) are shown in the table below. Calculate the real GDPs per capita for each country and rank them in size by filling out the table on the right. Give your answers to the nearest dollar eBook Print Altria Bergan Casper Population (in Millions) 60 115 240 Nominal GDP ($ Billions) 770 2,700 3,100 Price Index 2009 = 100 100 125 170 Rank 1. 2. 3. Country (Click to select) (Click to select) (Click to select) Real GDP per capita $ $ $ 3 eBook Print Terana's nominal GDP rose from $400 billion in 2019 to $430 billion in 2020. During the same period, the inflation rate was 4%. Round your answers below to one decimal place. a. By what percentage did nominal GDP increase between 2019 and 2020? Nominal GDP increased by % between 2019 and 2020. b. By what percentage did real GDP increase between 2019 and 2020? Real GDP increased by % between 2019 and 2020. 4 eBook Print The data in the table below are for the economy of Merton, which has a natural rate of unemployment of 5%. What is the size of the GDP gap for each of the three years? Enter your responses rounded to two decimal places, in the final row of the table. Real GDP ($billions) Unemployment rate GDP Gap (billions) $ 2018 $700 8.6% $ 2019 $675 7.4% $ 2020 $825 6.4% 5 Suppose that the labour force is currently 5 million and the unemployment rate is 9%. On August 1, government announces that it will create 48,000 new jobs to be filled over the next three months. Only people who were unemployed on August 1 will be hired. As a result, 105,000 people immediately apply for the jobs; half of these people had previously not been actively seeking work. eBook Print a. Has the labour force changed as a result of this announcement? O Yes, the labour force has changed as a result of this announcement. O No, the labour force has not changed as a result of this announcement. b. The unemployment rate after the announcement but before the jobs are filled will be one decimal place. c. Once all the jobs are filled, the unemployment rate will be %. %. Enter your responses rounded to 6 eBook Print Suppose that James's income in Year 1 was $44,000. Over the next four years his income increases by 6% per year. At the same time, the economy experiences an inflation rate of 5% per year. a. Complete the table below. Do not round your intermediate calculations. Enter your final responses as a whole number for Nominal income and Real income. Enter your final responses for the price index rounded to one decimal place. Year 1 2 3 4 5 Nominal income $44,000 Price index 100 b. At the end of Year 5, James's real income will be $ Real income $ 7 eBook Print Suppose that actual real GDP in Merryland is $400 billion and its potential GDP is $420 billion. If the natural rate of unemployment is 5%, what is its present unemployment rate? Present unemployment rate is %. Enter your response rounded to one decimal place.