HW1 SS12020ECON125 1. Please define the following and give an example from the colonial era: a. Complementary goods b. Substitute goods c. Import substitution goods d. Mercantilism e. The free….
Explain how GDP is measured in your country. Provide real life examples.
(a) Explain how GDP is measured in your country. Provide real life examples. (4 marks)
While your textbook is your first point of reference, you should consult other references in order to receive full marks. Use real life examples (with references) to support your discussion.
(b) Explain the macroeconomic effects of COVID-19 pandemic on your country using economic theory, real life data and illustrate them on appropriate diagrams. (10 marks)
This is your case study that you need to describe in details, provide relevant information, use table, diagrams where appropriate. You should use real data as much as possible. Refer to the textbook for the theoretical framework.
(b) Using your home country as a case study outline two main economic measures government applied to the national economy due to COVID-19 pandemic. Analyse the effect of such measures on inflation, output and employment using economic theory. What measures would you suggest and why? Explain using theory and real data. (12 marks)