Economics Homework Help

Help me study for my Economics class. I’m stuck and don’t understand.

1. If two countries in the world have similar GDP/capita of $18,000, list five important reasons why these similar numbers may not mean that people in each country are similarly well off. For each reason explain why it is important.

2. Given the following information, what is GDP per capita in this country? What is NDP in this country? Please show your work

Government spending = $4000 B; Business Investment = $2000 B; Population = 100,000,000; Exports = $500 B; Imports = $400 B; Consumption= $9000 B; Depreciation = $600 B

3. Imagine you are talking to your grandmother who has not studies economics. She asks you to explain the following information for the US. What does it tell us about the US economy? Please estimate depreciation in your answer and explain its importance.

Gross domestic investment = $400 B

Net domestic investment = $350 B

4. Given the follow data what is happening in this economy between 2020 and 2021. Explain carefully.

	2020	2021
Nominal GDP	$20000 B	$25000 B
Real GDP	$20000 B	$21000 B