Question: 7. A country's economy in 2015 and 2016 is summarized in the following table. You must show all y…

01 May Question: 7. A country’s economy in 2015 and 2016 is summarized in the following table. You must show all y…

Posted at 18:20h in 2Past Paper by Exams

7. A country’s economy in 2015 and 2016 is summarized in the following table. You must show all your work 015 2016 Price Turmeric (domestically produced and consumed) Cardamom (exported) Sesame seeds Price 1000$20 $10 100 $15 2000 100 1200 2200 20 a) Assuming that the country’s population did not change between 2015 and 2016, what happened to real GDP per capita between the two years? Explain your answer (1 point) b) Calculate the inflation rate experienced by the economy between the two years, using GDP deflators and 2015 as base year. (1 point) 8. The table below shows the annual incomes of the only residents of two countries A and B. Draw each country’s Lorenz curve and determine which country has a more unequal income distribution. Person Incomes in C Incomes in C 20 25 1000 3050 40 50 2000 60 100

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Question: 7. A country’s economy in 2015 and 2016 is summarized in the following table. You must show all y…