Estimating GDP | MyTopTutor

Estimating GDP

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Question 1 (10 marks)
Explain the main purposes of estimating GDP and explain the limitations of using real GDP as a measure of the standard of living.

Question 2
Using separate demand and supply diagrams for A), B), and C) below, explain the effect on the price and quantity of smartphones if:
A)  The price of a music streaming subscription falls (4 marks)
B)  Electronics workers’ wages rise (4 marks)
C)  The events described in A) and B) above occur together (4 marks)

Question 3 (4 marks)
Using either a demand or supply curve, explain the difference between a shift of a curve and a movement along a curve.

Question 4 (4 marks)
With the use of examples, fully explain the difference between comparative advantage and absolute advantage.

Question 1
Draw the demand for money curve, and use it to explain the following:
The effect of a change in the nominal interest rate (4 marks)
The effect of a change in real GDP (4 marks)
Question 2 (8 marks)
Explain how open market operations change the monetary base and explain how banks create money.

Question 3 (14 marks)
What is the current official unemployment rate in Canada? What are the alternative measures of unemployment and why are they analyzed? Please reference your sources.

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