Per Capita Real GDP is more relevant than Nominal GDP as an Indication: Elements of Economics Assignment, SMU, Singapore

Assignment Overview:

There is only one section containing: 3 Short Questions

Answer ALL questions.

Question 1

Consider the following data for Country A:

• 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.

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.