Refer to the following information:The table below shows some economic indicators for Country P.2019 2020 2021 forecastReal GDP growth (%) 2.25 2.00 3.25Unemployment rate (%) 4.9 4.7 5.0Labour force participation rate (%) 65 63 66Consumer price index (%) 1.9 1.6 2.1Nominal wage growth (%) 1.0 1.2 2.5Government budget balance (% of GDP) –1.5 – 3.0 – 4.5Cash rate (%) 1.5 1.0 1.0Current account balance (% of GDP) – 0.5 3.0 4.0Early in 2020, a spokesperson for the government of Country P stated that the government wascommitted to stimulating the economy, despite Country P recently benefiting from high commodityprices and strong demand for its exports. They announced tax cuts for low- and middle-incomeearners and an increase in welfare payments, effective from 1 July 2020. These measures wereintended to boost consumer and business confidence and increase the labour force participation rate.(c) On the diagram below, indicate the likely phase of the business cycle of Country P in 2021.Justify your answer.

2018 2019 202024 million 25 million 26 million f. The real GDP per capita in 2018 is $ , in 2019 is $ , and in 2020 is $ . Round your answers below to the nearest dollar.g. The growth rate of real GDP per capita in 2019 is % and in 2020 is %. Enter your responses rounded to one decimal place when needed.

what was the difference between the economy’s nominal GDP in 2020 and 2021?

If per capita GDP in 2018 was $900, in 2019 was $1,000, and in 2020 was $1,200, the growth rate of per capita GDP between 2018 and 2020 wasQuestion 10AnswerSelect one:a.about 33 percent.b.about 133 percent.c.about 11 percent.d.20 percent.e.25 percent.

If we define per capita GDP in 2020 as y2021 and per capita GDP in 2020 as y2020, the growth rate of per capita GDP, , from 2020 to 2021 is given by

GROSS NATIONAL INCOME PER CAPITAAND HUMAN DEVELOPMENT INDEXFOR SELECTED COUNTRIESCountry Gross National Income per Capita Human Development IndexNorway 63,980 0.94Australia 47,160 0.93Canada 46,070 0.91South Korea 38,340 0.90Argentina 20,270 0.83Brazil 15,160 0.76South Africa 13,090 0.69India 7,060 0.64Kenya 3,250 0.59Source: World Bank, United Nations Development Programme, 2017Based on the data in the table, which of the following statements explains a limitation of using gross national income per capita compared to the Human Development Index as a measure of development?ResponsesUsing gross national income per capita in a composite measure of development does not allow for cross-national comparisons of purchasing power, a key indicator of development.Using gross national income per capita in a composite measure of development does not allow for cross-national comparisons of purchasing power, a key indicator of development.Using gross national income per capita as a measure of development puts too much importance on economic production as the sole measure of development.Using gross national income per capita as a measure of development puts too much importance on economic production as the sole measure of development.The importance of gross national income per capita as a measure of development is reduced because it factors in life expectancy and education with the value of economic production.The importance of gross national income per capita as a measure of development is reduced because it factors in life expectancy and education with the value of economic production.Gross national income per capita does not factor in population and therefore reduces the overall accuracy as a measure of development.Gross national income per capita does not factor in population and therefore reduces the overall accuracy as a measure of development.The differences in gross national income per capita as a measure of development are less exaggerated between more developed countries than between less developed countries.