| University | Singapore Management University (SMU) |
| Subject | Economics |
Assignment Overview:
There is only one section containing: 3 Short Questions
Answer ALL questions.
Question 1
Consider the following data for Country A:
| Year | Number of
People Employed |
Number of
People Unemployed |
CPI |
| 2026 | 2,200,000 | 170,000 | 120 |
| 2027 | 2,300,000 | 110,200 | 125 |
- Calculate the labour force and unemployment rates for 2026 and Show all workings clearly and round your answers to 2 decimal places whenever appropriate.
- Calculate the inflation rate from 2026 to 2027. Show all workings clearly and round your answers to 2 decimal places whenever
- Based on your answers to Parts (i) and (ii) above, comment on the economic situation in Country May in terms of the business.
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Question 2
‘Per capita real GDP is more relevant than nominal GDP as an indication of the standard of living.’ Explain whether you agree or disagree with the above statement.
Question 3
Is the perfect competition better than a monopoly? Justify your answer with suitable explanations.
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