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Discussion Questions
Question 1: What are the main reasons why Nigerians living in extreme poverty? Justify. ( 7) Question 2: Why GDP per capita wouldn't be an accurate measure of the welfare of the average Nigerian? Explain.
Question 3: Refer to Table 1. Assume that this economy produces only three goods Good X Good Y, Good Z. You must show your calculation step by step.
Table 1
Production
Prices
Year 1
Year 2
Year 3
Good X
60
65
75
$2.00
$2.20
Good Y
110
115
125
$0.80
$1.00
Good Z
135
140
145
$1.20
a. Calculate the value for this economy's nominal GDP in year 1.b. Calculate the value for this economy's nominal GDP in year 2.c. Calculate the value for this economy's nominal GDP in year 3.d. Compare nominal GDPs of Year 1, Year 2 and Year 3 and comment.e. Consider Year 1 as base year. Calculate Real GDP for year 1 and Year 2.f. Calculate GDP deflator for Year 1 and Year 2. Make a comment based on GDP deflator values for Year 1 and Year 2.
Question 4: Explain the various phases in business cycle (shown as in figure 1). In particular what it means to be in terms of unemployment/employment, income, production and business investment in plants, equipment, and business inventory investment when the economy passes through each phase: (i) trough, (ii) expansion/recovery, (iii) peak and (iv) recession. Give example for each phase.
Attachment:- Case scenario.rar
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This assignment deals with the having a market analysis of the country named Nigeria and how various factors help in building as well as analyzing the factors and finding ways which support the concept and economic dynamics as how one or other allied factors can effect the whole economic condition. This assignment can be completed by having a general understanding of the market conditions of the country
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Fall (First Semester Academic Year) Principles of Macroeconomics Group Assignment consisting not more than three students. You may also submit it individually. 40 Marks Note: Read the following case scenario and answer the questions in the end. Make your suggestions and answers logically with proper justifications. Do not use the details without references (avoid copy paste). Also use cover page with your group members names, ID numbers, course name, code and instructor’s name with University Logo; use 12 Times New Roman and maintain Space 1.5.
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