Macroeconomics
Questions
1. Discuss whether GDP per capita is a good measure of the standard of living. Using data
for a developed and developing country of your choice, estimate how long it would take
for the standard of living to double in each country. Evaluate whether there has been
convergence or divergence in the standard of living between the countries. (50%)
2. The new Greek government has recently rejected an extension to the country’s €240bn
bailout. This has renewed talks of Greece leaving the Euro (so called Grexit). This would
put pressure on the currency union in Europe.
Discuss the pros and cons of a currency union and whether Europe is an optimal currency
area. . (50%)
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