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GDP Assignment | Online Assignment Help

Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

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a. By what percentage did nominal per capita GDP increase from 2003 to 2012?

b. By what percentage did real per capita GDP change in the same period?

3. a. Per capita GDP data (Click to select)

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overstates, understates, neither overstates nor understates the rise in the U.S. well-being since 1990.

b. How do you know?

Real per capita GDP growth is the same as the growth in social health.

Real per capita GDP growth is much greater than the growth in social health.

Real per capita GDP growth is much less than the growth in social health.

4.

5.

6.

Instructions: Enter your responses rounded to the nearest billion.

a. Calculate real GDP for 2013 using 2002 prices.$ billion

b. By how much did real GDP increase between 2002 and 2013?

$ billion

c. By how much did nominal GDP increase between 2002 and 2013?

$ billion

7. Using 2011 data, calculate the following as a percentage of GDP.

a. Personal consumption expenditures %

b. Gross private investment %

c. Total government purchases %

d. Exports %

e. Imports %

8. If all prices were to decrease by 50 percent overnight, what would be the

a. Change in real GDP?

Real GDP would not change.

Real GDP would decrease by more than 50 percent.

Real GDP would decrease by 50 percent.

Real GDP would rise.

b. Change in nominal GDP?

Nominal GDP would rise.

Nominal GDP would decrease by 50 percent.

Nominal GDP would not change.

Nominal GDP would decrease by more than 50 percent.

9.Use the following data to answer the questions below:

Category Billions of Dollars
Consumption 500
Depreciation 26
Retained earnings 18
Gross investment 45
Imports 55
Exports 65
Net foreign factor income 16
Government purchases 75

Instructions: Enter your responses rounded to the nearest whole number.

a. How much is GDP? $ billion

b. How much is net investment? $ billion

c. How much is national income? $ billion

chapter6

  1. In 2001,

a. What percentage of the labor force was employed?

b. What percentage of the labor force was unemployed?

c. What percentage of the total population was employed?

2. Instructions: Enter your responses rounded to one decimal place. If the number is decreasing, be sure to enter a negative sign (-) in front of that number.

Between 2006 and 2011, by how much did

a. The labor force change? million

b. Unemployment change? million

c. Employment change? million

3.Refer to the table below:

Participation Rates

(Age 16 and Older)

Year Men Women
1950 86.4 33.9
1960 83.3 37.7
1970 79.7 43.3
1980 77.4 51.5
1990 76.4 57.5
2000 74.7 60.0
2010 71.2 58.6
2015 69.1 56.7

Instructions: Enter your responses rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

Between 1980 and 2000, by how many percentage points did the labor force participation rate of

a. Men change?

b. Women change?

4.Suppose the following data describe a nation’s population:

Year 1 Year 2
Population 400 million 410 million
Labor force 230 million 240 million
Unemployment rate 6 percent 4.5 percent

Instructions: Enter your responses rounded to one decimal place.

a. How many people are unemployed in each year?

Year 1: million

Year 2: million

b. How many people are employed in each year?

Year 1: million

Year 2: million

5.

6.

7.According to Okun’s law, how much output (real GDP) was lost in 2009 when the nation’s unemployment rate increased from 5.8 percent to 9.8 percent?

Instructions: Enter your response rounded to two decimal places.

8.Refer to the table below:

Year Unemployment

Rate

Labor Force

(in thousands)

2000 4.0 142,583,000
2001 4.7 143,734,000
2002 5.8 144,863,000
2003 6.0 146,510,000
2004 5.5 149,401,000
2005 5.1 149,320,000
2006 4.6 151,428,000
2007 4.6 153,124,000
2008 5.8 154,287,000
2009 9.3 154,142,000
2010 9.6 153,889,000
2011 8.5 153,617,000
2012 7.9 154,995,000
2013 6.7 155,389,000
2014 6.2 155,922,000
2015 5.3 157,130,000
2016 4.9 159,187,000

Instructions: In part a, enter your response rounded to one decimal place. In part b, enter your response as a whole number.

a. What was the unemployment rate in 2003?

b. How many more jobs were needed to bring the unemployment rate down to the 4 percent low-end of the full-employment threshold in 2003?

9. Using the data below, complete the graph and answer three questions:

Year Unemployment

Rate

Real GDP

Growth Rate

2006 4.6 2.7
2007 4.6 1.8
2008 5.8 -0.3
2009 9.3 -2.8
2010 9.6 2.5
2011 8.9 1.6
2012 8.1 2.3
2013 7.4 2.2
2014 6.2 2.4
2015 5.3 2.6
2016 4.9 1.6

Illustrate both the unemployment rate and the real GDP growth rate for each year on the accompanying graph.

Instructions: (1) Use the tools provided to plot the unemployment rate ‘UR’ and real GDP growth rate ‘Growth’ for the 5-year period 2012–2016. Plot five points for each curve (plot 10 points total). (2) To earn full credit for this graph, you must plot all required points for each curve (plot 5 points for each curve). Round up or down to the nearest 0.25% (e.g., round 1.6% to 1.5% and 5.3% to 5.25%).

a. In how many years was “full employment” achieved between 2006–2016? (Use the current benchmark of 4–6%.)

4 years

3 years

8 years

5 years

b. Unemployment and growth rates tend to move in opposite directions. Which appears to change direction first between 2006–2016?

GDP and unemployment move in the same direction.

GDP changes first.

Unemployment changes first.

c. In how many years does the unemployment rate increase even when output is increasing between 2006–2016?

4 years

2 years

1 year

5 years

10. For each situation described here, determine the type of unemployment:

a. High-tech workers where there are no high-tech jobs.

Seasonal

Structural

Cyclical

Frictional

b. A stay-at-home dad looking for temporary work at a department store for the Christmas holiday.

Seasonal

Structural

Cyclical

Frictional

c. A homemaker entering the labor force searching for work as a childcare giver.

Structural

Cyclical

Frictional

Seasonal

d. Falling national incomes cause people to eat out less often. This causes cooks to lose jobs.

Cyclical

Structural

Seasonal

Frictional

chapter7

1.

Instructions: Enter your responses rounded to two decimal places.

What was the price of a loaf of bread in Zimbabwe, measured in

a. U.S. dollars?

b. Zimbabwe dollars?

$ trillion

2. Use the following data to answer the question:

Prices That Rose in 2016 (%) Prices That Fell in 2016 (%)
Train fares 7.4% Eggs -21.1%
Apples 6.8 Televisions -19.2
Textbooks 4.7 Gasoline -11.5
Cable TV 3.7 Milk -4.6
Cigarettes 3.6 Air fares -3.3
College tuition 2.7 Coffee -3.0
Oranges 0.7 Bananas -1.0
Average inflation rate: +1.3%

Instructions: Enter your response rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

By how much did the change in price for cigarettes differ from the 2016 average rate of inflation? %

3. Instructions: Enter your responses rounded to one decimal place. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

Calculate the inflation rate for

1989–1990: %

1993–1994: %

1999–2000: %

2006–2007: %

4, Suppose you’ll have an annual nominal income of $50,000 for each of the next three years, and the inflation rate is 5 percent per year.

Hint: Present value = Future value/(1 + Growth in prices)t, e.g., The present value of next year’s income = Next year’s income/(1 + Growth in prices)

Instructions: Enter your responses rounded to a whole dollar.

a. Find the real value of your $50,000 salary for each of the next three years.

Year 1: $

Year 2: $

Year 3: $

b. If you have a COLA in your contract, what is the real value of your salary for each year?

Year 1: $

Year 2: $

Year 3: $

5. Use the following information to answer two questions.

Prices That Rose in 2016 (%) Prices That Fell in 2016 (%)
Train fares 7.4% Eggs -21.1%
Apples 6.8 Televisions -19.2
Textbooks 4.7 Gasoline -11.5
Cable TV 3.7 Milk -4.6
Cigarettes 3.6 Air fares -3.3
College tuition 2.7 Coffee -3.0
Oranges 0.7 Bananas -1.0
Average inflation rate: +1.3%

Instructions: Enter your response rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.

If cable TV and televisions are weighted equally in a “typical Tuesday night price index” and no other components of your Tuesday night changed prices,

a. By how much did typical Tuesday night prices rise or fall in 2016?%

b. Is a consumer better or worse off if they love consuming these items?

Consumers are better off.

Consumers are worse off.

6.

7. Refer to the figure below:

Use the item weights in the figure to determine the percentage changes in the CPI that would result from a

a. 10 percent increase in Housing prices.

b. 3 percent decrease in Transportation prices.

c. 4 percent increase in Food prices.

(Note: Review the table titled “Computing Changes in the CPI” in your text for assistance.)

Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

Item Item Weight Increase or Decrease in Price Impact on CPI (Inflation Effect)
a. Housing 0.329 10% %
b. Transportation 0.170 -3% %
c. Food 0.125 4% %

8. According to the table below,

Asset Change in Value (%),1991–2001
Stocks 250
Diamonds 71
Oil 66
Housing 56
U.S. farmland 49
Average price level 32
Silver 22
Bonds 20
Stamps -9
Gold -29

Instructions: Enter your responses as a whole number in percentage form.

What happened during the period shown to the

a. Nominal price of oil? The nominal price (Click to select) fell rose by percent.

b. Real price of oil? The real price (Click to select) rose fell by percent.

9.

10. Suppose you borrow $8,000 of principal that must be repaid at the end of two years, along with interest of 4 percent a year. If the annual inflation rate turns out to be 6 percent,

Instructions: Enter your responses rounded to the nearest whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.

a. What is the real rate of interest on the loan?

b. What is the real value of the principal repayment?

Hint: Future value = Present value × (1 + Growth in prices)t, where t is the number of years evaluated, e.g., The real value of loan repayment = Amount of loan × (1 + Real interest rate)t

c. Who loses, the debtor or the creditor?

Creditor

Debtor

11. Using the data below, complete the graph and answer three questions:

Year Inflation Rate (%) Real GDP Growth Rate(%)
2006 3.2 2.7
2007 2.8 1.8
2008 3.8 -0.3
2009 -0.4 -2.8
2010 1.6 2.5
2011 3.2 1.6
2012 2.1 2.3
2013 1.5 2.2
2014 1.6 2.4
2015 0.1 2.6
2016 1.3 1.6

a. In how many years (2006–2016) was the official goal of price stability met?year(s)

b. In what year (2006–2016) was inflation the lowest? The highest?

c. Economic growth and inflation rates tend to move in the same direction. Which appears to change direction first? GDP growth Inflation

12. THE ECONOMY TOMORROW: If home prices are expected to rise in the future, will you be more or less likely to buy a house now?

More likely, because expectations of rising prices can encourage more spending.

Less likely, because of concerns about the inflationary flashpoint.

Less likely, because inflation redistributes income and wealth in unacceptable ways.

More likely, because of money illusion.

More likely, because unemployment will fall.

chapter8

1.Suppose you have $10,000 in savings when the price level index is at 100.

Instructions: Enter your responses rounded to the nearest whole number.

a. What is the real value of your savings if the price level increases by 10 percent for the year?

b. What is the real value of your savings if the price level declines by 5 percent for the year?

2.

3. PE, PE + P*, PE – P*, P*, P* – PE

4. Use the following information to draw aggregate demand (AD) and aggregate supply (AS) curves on the following graph.

Price Level Output Demanded (Aggregate Demand) Output Supplied (Aggregate Supply)
800 0 $800
100 $700 100

Instructions: Use the tools provided ‘AD’ and ‘AS’ to plot the aggregate demand (AD) and aggregate supply (AS) curves. Plot only the endpoints of each line (plot 2 points for each line—4 points total). Both curves are drawn to be straight lines.

instructions: Enter your response as a whole number.

a. What is the equilibrium price level? $

b. What curve would have shifted if a new equilibrium were to occur at an output level of 600 and a price level of $200?

AD shifts to the right.

AD shifts to the left.

AS shifts to the left.

AS shifts to the right.

c. What curve would have shifted if a new equilibrium were to occur at an output level of 200 and a price level of $600?

AD shifts to the left.

AD shifts to the right.

AS shifts to the left.

AS shifts to the right.

5.Refer to the table below.

Dates Duration (Months) Percentage Decline in Real GDP Peak Unemployment Rate
Aug. 1929–Mar. 1933 43 35.4% 24.9%
May 1937–June 1938 13 9.4 20.0
Feb. 1945–Oct. 1945 8 23.8 4.3
Nov. 1948–Oct. 1949 11 9.9 7.9
July 1953–May 1954 10 10.0 6.1
Aug. 1957–Apr. 1958 8 14.3 7.5
Apr. 1960–Feb. 1961 10 7.2 7.1
Dec. 1969–Nov. 1970 11 8.1 6.1
Nov. 1973–Mar. 1975 16 14.7 9.0
Jan. 1980–July 1980 6 8.7 7.6
July 1981–Nov. 1982 16 12.3 10.8
July 1990–Feb. 1991 8 2.2 6.5
Mar. 2001–Nov. 2001 8 0.6 5.6
Dec. 2007–June 2009 18 4.1 10.0

Instructions: Enter your response as a percent rounded to one decimal place.

a. What was the largest percentage decline in Real GDP since 1960? percent

b. What was:

(i) The longest recession since 1960?

Aug. 1957 – Apr. 1958

Dec. 2007 – June 2009

Feb. 1945 – Oct. 1945

Nov. 1973 – Mar. 1975

(ii) The shortest recession since 1960?

Jan. 1980 – July 1980

Mar. 2001 – Nov. 2001

Apr. 1960 – Feb. 1961

Aug. 1929 – Mar. 1933

6.If the AS curve shifts to the left, what happens to

a. The equilibrium rate of output?

Does not change

Increases

Decreases

b. The equilibrium price level?

Increases

Decreases

Does not change

7. If the AS curve shifts to the right, what happens to

a. The equilibrium rate of output?

Increases

Does not change

Decreases

b. The equilibrium price level?

Decreases

Does not change

Increases

8. If the AD curve shifts to the left, what happens to

a. The equilibrium rate of output?

Does not change

Decreases

Increases

b. The equilibrium price level?

Decreases

Does not change

Increases

9. Assume that the following graph depicts aggregate supply and demand conditions in an economy. Full employment occurs when $6.5 trillion of real output is produced. The economy is currently in equilibrium at point A.

Instructions: In parts a and b, enter your responses rounded to one decimal place. In part c, round your answer to the nearest whole number.

a. What is the equilibrium rate of output?

$ trillion per year

b. How far short of full employment is the equilibrium rate of output?

$ trillion

c. If aggregate demand shifted enough for the economy to reach full-employment equilibrium, what is the price level at this full-employment equilibrium?

chapter9

  1. Instructions: Enter your responses as a whole number.

a. What is the full-employment equilibrium

(i) Real output level?

(ii) Price level?

Suppose net exports decline by $150 at all price levels, but all other components of aggregate demand remain constant.

b. Draw the new AD curve on the graph above.

     Instructions: Use the tool provided ‘AD2’ to draw the demand curve (AD2) on the graph above. This curve should contain 10

reference points.

c. What is the new equilibrium

Instructions: Enter your responses as a whole number.

(i) Output level?

(ii) Price level?

d. What macroeconomic problem has arisen in this economy?

(Click to select)

Inflation

Unemployment

2. If the proportion of the total disposable income spent on consumer goods and services is 91.6 percent and if consumers spend 82.0 percent of each additional dollar, what is

Instructions: Enter your responses rounded to three decimal places.

a. The APC?

b. The APS?

c. The MPC?

d. The MPS?

3. Between January and February 2017, by how much did:

Instructions: Enter your responses rounded to the nearest whole number.

a. Disposable income increase? $ billion

b. Consumption increase? $ billion

c. Savings increase? $ billion

Instructions: Enter your responses to the following questions rounded to the nearest three decimal places.

d. What was the MPC?

e. What was the MPS?

f. What was the APC for February?

4, Using the graph as a reference, suppose an economy’s aggregate consumption function is C = $200 billion + 0.8YD.

5.

6.

7.

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8.If every $1,000 increase in the real price of homes adds $0.07 to annual consumer spending (the “wealth effect”), by how much will consumption increase if home prices rise by $1.5 trillion?

Instructions: Enter your response rounded to the nearest whole number.

$ million

9.Refer to the figure below:

Instructions: Enter your responses as a percent rounded to the nearest whole number.

What was the range, in absolute value of percentage change, of the variation in quarterly growth rates between 2003 Q1 and 2005 Q4 of

a. Consumer spending? %

b. Investment spending?

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