This assignment covers the following topics: • Unemployment (Chapter 28 or Chapter 9) • Productivity and Growth (Chapter 26 or Chapter 7) • Saving, Investment and Financial System (Chapter 27 or Chapter 8) READ THE FOLLOWING FIRST (Very Important) 1. This assignment contributes to 20% of the overall marks for the course. 2. Only a single submissionpermitted (hence, please ensure to attach the file version of the assignment) 3. Use and Submit this template onlyand Write your answers in each question below for your submission –any other form of the file is NOT accepted (Failing to do so will automatically mean zero mark for this task). 4. If you do not have a word processor installed in your home computer, follow this link and in “APPS” you can use a Microsoft word processor; http://www1.rmit.edu.au/students/mydesktop 5. The recommended browsers when uploading the file areChrome, Firefox or Explorer (some have suggested that Safari might not work well). 6. The font size has to be at least 12. 7. Explain your answers, but be succinct. 8. Label each axis and explain the diagram that you use carefully (if any). 9. Show all of your working in order to get partial credits. 10. After the due dateany late submission will be marked as ‘late’. A penalty of 10% of the allocated marks (i.e., 2 marks) per day will apply for late submissions. 11. A failure of your home computer (or any kind of the IT problem) cannot be a reason for the late submission (all requests for an extension of this nature will be rejected immediately). 12. Make sure you have included your student ID and name in the front page of the assignment 13. Working with other fellow students is strongly encouraged. However, you cannot just copy your friend’s answers. If we find out this, you will be harshly punished for the academic plagiarism. See‘students responsibilities’ at RMIT’s policy on this: Short Answer Questions (answer in the space provided below): 1. The following table depicts statistics on GDP per capita (ie, GDP/population) in column (1) and its growth rate for the country groups (column 2) defined by GDP levels (High-income, Middle-income and Low-income). They are all expressed as real (constant) GDP. (1) (2) (3) Country group GDP per capita (Year 2010) Average annual growth rate of real GDP per capita (Year 2000-2010) GDP per capita (Year 2088) High-income 38,293 0.9% ? Middle-income 3,980 4.8% ? Low-income 507 3.0% ? Source: The World Bank, http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators Throughout this question, assume constant growth rates for each ofthe country groups that are equal to their average value between year 2000 and 2010 (column 2 of Table). Answer the following questions (show all the calculation steps to get the partial marks): a) Compute the ratio of GDP per capita of the different income groups in year 2010 (expressed in the one decimalpoint in %):(1.5 mark,0.5each) i. Middle- to High-income group ii. Low- to High-income group iii. Low- to Middle income group b) Compute the approximate number of years it will take the Low-income and Middle-income countries to double their GDP per capita. (1 mark) c) Approximate the GDP per capita for High-income, Middle-income and Low-income groups for the year 2088, and fill in column 3 of the Table.(1.5 mark,0.5 each) d) Repeat part a) of the question with the computed GDP per capita in year 2088(1.5 mark, 0.5 each) e) Now compare your answers in part a) and part d). Comment on any changes occurred between year 2010 and 2088.(2 mark)
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