Macroeconomics by D K Miles

By D K Miles

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In our example only one commodity is produced—tables—and these are bought by the consumer. But in practice, a range of commodities and services are produced and used for different purposes. The expenditure measure of output shows the breakdown across these categories. 5 F I G U R E 2 . 3 Labor income share across countries. 0 0 4,000 8,000 12,000 16,000 Real per capita GDP ($) 20,000 gets paid around 70% of GDP. Source: Figure 5— Gollin, “Getting Income Shares Right,” Journal of Political Economy (April 2002) 110, 2, 458–474.

2) The price of the four sorts of goods produced in an economy in 2000 are: Good Price Quantity A 8 1000 B 9 400 C 4 600 D 2 1000 C 8 D 3 The prices of the goods in 2001 are: Good Price A 9 B 6 Analytical Questions What is the overall rate of inflation between 2000 and 2001? Would it help to know the levels of output of goods in 2001? How might that information be used to construct an alternative measure of inflation? 2. 2 to calculate real GDP using constant prices for years 2, 3, and 6. How do your estimates of GDP growth compare with those achieved via chain weighting?

Vietnam 5000 F I G U R E 2 . 9 GDP per capita, 2002 ($). There are large differences in GDP per capita across countries. org for Luxembourg. However, because the population in Greece is nearly 30 times that in Luxembourg, Luxembourg has a per capita GDP over four times larger than Greece. 9 shows estimates of GDP per capita (calculated using market exchange rates) for 28 economies. 2 K E Y P O I N T Using market exchange rates, the world economy is dominated by rich advanced nations. Using PPP exchange rates to account for differences in prices reveals a more substantial size for emerging markets.

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