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  3. question 1 20 points chapter 2 the following table...

Question: question 1 20 points chapter 2 the following table...

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Question 1 (20 points) - Chapter 2 The following table provides the economic data for an economy Year 2016 Price Quantity Price Quantity Price Quantity 13 2017 2018 Good 1 Good 2 Good 3 Good 4 Good 5 Good 6 25 15 400 750 160 300 300 1100 450 650 180 330 360 1000 420 650 170 280 360 6 7 14 12 4 10 Demographic Data: 2016 2017 228 23 N d umber of employe Number of unemployed Number of not in the labour force Adult population Total population 228 140 380 480 384 536 142 388 550 Here is some additional information about this economy that holds true for all 3 years unless otherwise stated . Unless otherwise stated, the goods are produced within the economy Half good 1 goes to households, while the remaining of the goods are equally split between firms and government. H:0.5 Good 2 is a pure consumption goods ad 35% are purchased from abroad. F 0.25 G0.25 . . Firms purchase one-fifth of good 3 while the government consumes 30% of the good. The remaining . Both households and small businesses purchase good 4: 70% goes to households while 30% goes to . Good 5 is purchased by firms and governments only. Domestic firms and government buy 80% of . Good 6 is equally split among households, firms and government ) Based on the information given, complete the table on page 3. (15 points) is bought by households. Of the good 3 bought by households, one-fifth goes to foreign households while the rest goes to domestic households. small businesses. In addition, all of the good 4 consumed by small businesses is produced outside the country the good and they split them equally; and foreign firm/businesses buy the rest. The government has chosen 2016 as the base year The table is reproduced on page 6 of this assignment (so that you can print it & fill it out). You must submit that page as your answer to Question I with your assignment Also, on separate page(s), show your work! You are required to do both; otherwise, you will receive a grade of zero for this part of the question . for grading . b) From 2017 to 2018, the percentage change in real GDP per capita is different from the percentage change in real GDP per worker. Why? Explain. (5 points)

Table for Question I part (a) 2016 2017 2018 Consumption Investment Government spending Exports Imports Nominal GDP Real GDP GDP deflator CPI Real GDP per capita Real GDP per worker

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