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Introduction to Macroeconomics

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Added on  2020-06-05

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Introduction to Macroeconomics TABLE OF CONTENTS INTRODUCTION 1 QUESTION 1 1 Measuring GDP and Economic growth:1 QUESTION 2 4 Jobs and Inflation 4 QUESTION 3 8 Global saving and US current account 8 Exchange rate 8 Balance of payment 9 REFERENCES 10 INTRODUCTION The branch of economics which would be identifying and dealing with behaviour and decision making of the economy as whole which includes regional, national and international is known to as macroeconomics.

Introduction to Macroeconomics

   Added on 2020-06-05

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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Measuring GDP and Economic growth:.....................................................................................1QUESTION 2...................................................................................................................................4Jobs and Inflation........................................................................................................................4QUESTION 3...................................................................................................................................8Global saving and US current account........................................................................................8Exchange rate .............................................................................................................................8Balance of payment.....................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONThe branch of economics which would be identifying and dealing with behaviour anddecision making of the economy as whole which includes regional, national and international isknown to as macroeconomics. The present report will be covering various important features ofmacroeconomics like that of GDP, economic growth of Australia and also thee factors that willbe consider to as challenges measuring economic welfare of the country. The report will befurther including jobs and inflation within Australia and calculating labour force andemployment. At the end it will include exchange rate and balance of payments of Colombia.QUESTION 1Measuring GDP and Economic growth:(a) Calculating GDP using expenditure.While calculating GDP using the expenditure approach there are 4 main aggregate whichare to be included which are household, investment by business, government expenditure and netexports (Fuhrer, 2017). So with the help of given data of Parchment paradise GDP usingexpenditure approach would be as follows:C+I+G+X = GDPWhere, C= total household or consumption expenditure.I= total investment expenditure.G= total government spending.X= net exports i.e., total exports minus total imports2000+800+400+(-200) = $3000So the total GDP of Parchment paradise would be $3000 using the expenditure approach.(b) Calculating sum of total income less wages and statistical discrepancy.$2,900-$2,000= $900(c) Calculating Maritime Republic’s nominal GDP in 2015 and 2016.1
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