INDICATORPopulation(million)GDP percapita (USD)GDP (USD bn) | 27.6Economic20141.4201520161.420171.420181.41.420,36118,48416,41416,52417,37025.11.822.4-6.322.6-2.323.9-0.2-1.0Growth (GDP,annualvariation in %)Unemployment 3.3RateFiscal Balance(% of GDP)Public Debt (% | 45.2of GDP)Inflation Rate(CPI, annualvariation in %)ExchangeRate (vs USD,aop)Exports (USDbillion)Imports (USDbillion)3.44.04.84.9-2.6-1.7-5.3-8.9-3.648.059.162.961.65.74.73.11.91.06.396.366.636.746.7515.011.48.39.410.57.97.57.16.56.7InternationalReserves11.510.09.58.58.1JUSD).i. Using four relevant macroeconomic variables assess the performance ofTrinidad and Tobago's economy for the period (2014 -2018).ii. Discuss any two limitations of national income statistics as measures ofeconomic well-being for a countryiii. Identify two indicators of wellbeing that are not listed in the table above whichcan be used as superior measures of the standard of living.iv. Calculate the trade balance for Trinidad and Tobago for the period (2014 –2018).v. Assess the impact of a negative trade balance on a country's externalposition.

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2017 1.4 INDICATOR Population (million) GDP per capita (USD) GDP (USD bn) 27.6 Economic Growth (GDP, annual 2014 1.4 2015 1.4 2016 1.4 2018 1.4 20,361 18,484 16,414 16,524 17,370 25.1 22.4 -6.3 22.6 -2.3 23.9 -0.2 -1.0 1.8 variation in %) Unemployment 3.3 Rate Fiscal Balance -2.6 (% of GDP) Public Debt (% 45.2 of GDP) Inflation Rate (CPI, annual variation in %) Exchange Rate (vs USD, aop) Exports (USD billion) Imports (USD billion) International 3.4 4.0 4.8 4.9 -1.7 -5.3 -8.9 -3.6 48.0 59.1 62.9 61.6 5.7 4.7 3.1 1.9 1.0 6.39 6.36 6.63 6.74 6.75 15.0 11.4 8.3 9.4 10.5 7.9 7.5 7.1 6.5 6.7 11.5 10.0 9.5 8.5 8.1 Reserves (USD). i. Using four relevant macroeconomic variables assess the performance of Trinidad and Tobago's economy for the period (2014 -2018). ii. Discuss any two limitations of national income statistics as measures of economic well-being for a country iii. Identify two indicators of wellbeing that are not listed in the table above which can be used as superior measures of the standard of living.

2017 1.4 INDICATOR Population (million) GDP per capita (USD) GDP (USD bn) 27.6 Economic Growth (GDP, annual 2014 1.4 2015 1.4 2016 1.4 2018 1.4 20,361 18,484 16,414 16,524 17,370 25.1 22.4 -6.3 22.6 -2.3 23.9 -0.2 -1.0 1.8 variation in %) Unemployment 3.3 Rate Fiscal Balance -2.6 (% of GDP) Public Debt (% 45.2 of GDP) Inflation Rate (CPI, annual variation in %) Exchange Rate (vs USD, aop) Exports (USD billion) Imports (USD billion) International 3.4 4.0 4.8 4.9 -1.7 -5.3 -8.9 -3.6 48.0 59.1 62.9 61.6 5.7 4.7 3.1 1.9 1.0 6.39 6.36 6.63 6.74 6.75 15.0 11.4 8.3 9.4 10.5 7.9 7.5 7.1 6.5 6.7 11.5 10.0 9.5 8.5 8.1 Reserves (USD). i. Using four relevant macroeconomic variables assess the performance of Trinidad and Tobago's economy for the period (2014 -2018). ii. Discuss any two limitations of national income statistics as measures of economic well-being for a country iii. Identify two indicators of wellbeing that are not listed in the table above which can be used as superior measures of the standard of living.

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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