ECONOMICS 101 1. In which category of Canada's GDP (C, I, G, X, M or N for none of the above) are each of the following

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Economics 101 1 In Which Category Of Canada S Gdp C I G X M Or N For None Of The Above Are Each Of The Following 1 (72.41 KiB) Viewed 12 times

ECONOMICS 101 1. In which category of Canada's GDP (C, I, G, X, M or N for none of the above) are each of the following transactions directly recorded in Canada's GDP? Some may require more than one answer. Make sure you indicate the correct negative or positive sign. a. An owner of a small business sells his old personal car to his business to use for deliveries. b. You buy a new toy in Vancouver to send to your nephew (as a gift). 2021 2022 c. A German company buys a Canadian company which owns a large mine. d. A tourist from Tokyo buys some postcards in Vancouver. e. A grocery store has more unsold potatoes left over at the end of the year than they had last year. f. You buy some stationary from a store in Washington for your personal use. 2. Price Indexes YEAR 2020 PROBLEM SESSION #5 g. A gas station in Vancouver buys stationary from a store in Washington for business use. h.. A movie theatre buys a second hand truck to make pickups of supplies cheaper. i. The movie company buys a new projector that was made in Germany. j.. A German company buys the Canadian movie theatre from its Canadian owners. k.. At the end of the year, the theatre has 2 tons of popcorn seeds left over that they haven't used. I The theatre spends $2 million to repair its building. m. The theatre spends $1 on supplies (toilet paper, popcorn seeds, etc..) ITEM B ITEM A 3. Nominal vs Real YEAR 2020 2021 2022 GDP in Current S 234.3 268 4 PRICE 5 6 5 10 This is a simple economy with just three items produced. a. Calculate the nominal GDP and the nominal growth rates from 2020-2022. b. Using 2021 as the base year, calculate the consumer price index and the inflation rate from 2020 to 2022 c. Using 2021 as the base year, calculate the real GDP (in 2021 S) and the real growth rate from 2020 to 2022. d. Using 2021 as the base year, calculate the GDP deflator and the inflation rate from 2020 to 2022. e. Of the above three years, which would be the best year to live in for the average consumer? NA %A QUANTITY 6 9 PRICE 11 12 XXX June 2022 QUANTITY 12 GDP in 20125 11 10 XXX C. 4.6% ITEM C PRICE 9 10 8 GDP Deflator (2012-100) 148.4 d. 155.0 QUANTITY 4 6 %4 L 112.4 A Complete the above table and then answer the following questions: j. Which year had the highest average standard of living? Which figure did you use to determine this? k. Which year had the greatest increase in the average standard of living? Which figure did you use to determine this? XXX C. E 4. Suppose the nominal GDP increased by 13.4% while the GDP deflator increased from 105.8 to 112.8. What is the real growth rate? 5. Suppose the real GDP grew 4.5% while the nominal GDP went from $458.4bn to $436.3bn. What is the inflation rate? 6. The total population is 98.4 million. The population under 15 in the armed forces or in an institution is 30.5 million. The population employed is 40.8 million and the unemployment rate is 10.2%. a. What is the civilian non-institutional population? b. What is the size of the labour force? c. How many "non-participants" are there? d. What is the participation rate? c. How many people are unemployed? 7. If the economy grew from $234.5 bn to $314.6 bn over 10 years, what is the average annual growth rate? 8. If the annual interest rate is 4.6%, what is the promise that you will receive $3 million in 5 years worth today?