06:11 & M N{ al 100% E Expert Q&A HKSAR Statistics Units 2014 2015 2016 2017 2018 Real GDP (billions) National currency 2,450.99 2,509.51 2,742.79 2,842.88 337,932.28 343,312.72 347,579.672 359,206.81 366,369.28 2,564.13 2,662.84 Nominal GDP (billions) National currency 2,260.010 2,398.28 2,490.62 2,662.84 National currency Real GDP per capita Nominal GDP per capita National currency 311,600.19 328,095.54 337,614.65 359,206.81 379,739.71 Unemployment rate Percentage 3.262 3.307 3.387 3.119 2.809 b. Using the table above, calculate the growth rates in 2018 for the Real GDP, Nominal GDP, Real GDP per capita and Nominal GDP per capita of Hong Kong. c. Based on the results in part b, was the inflation rate of Hong Kong in 2018 positive? Briefly explain your answer. d. Based on the results in part b, was the population growth rate of Hong Kong in 2018 positive? Briefly explain your answer. e. Suppose the average unemployment rate of Hong Kong from 1999 to 2018 was 4.59%. Which phase of the business cycle best describe Hong Kong's economic situation in 2018? Briefly explain your answer. II

06:11 & M N{ al 100% E Expert Q&A HKSAR Statistics Units 2014 2015 2016 2017 2018 Real GDP (billions) National currency 2,450.99 2,509.51 2,742.79 2,842.88 337,932.28 343,312.72 347,579.672 359,206.81 366,369.28 2,564.13 2,662.84 Nominal GDP (billions) National currency 2,260.010 2,398.28 2,490.62 2,662.84 National currency Real GDP per capita Nominal GDP per capita National currency 311,600.19 328,095.54 337,614.65 359,206.81 379,739.71 Unemployment rate Percentage 3.262 3.307 3.387 3.119 2.809 b. Using the table above, calculate the growth rates in 2018 for the Real GDP, Nominal GDP, Real GDP per capita and Nominal GDP per capita of Hong Kong. c. Based on the results in part b, was the inflation rate of Hong Kong in 2018 positive? Briefly explain your answer. d. Based on the results in part b, was the population growth rate of Hong Kong in 2018 positive? Briefly explain your answer. e. Suppose the average unemployment rate of Hong Kong from 1999 to 2018 was 4.59%. Which phase of the business cycle best describe Hong Kong's economic situation in 2018? Briefly explain your answer. II

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Taking The Nation's Economic Pulse

Section: Chapter Questions

Problem 1CQ

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