1. Refer to the data below:
| Year |
Real GDP
(in billions) |
Civilian
Labor Force |
Employment |
Civilian Unemployment |
| 2000 |
12,560 |
142,583,000 |
136,891,000 |
5,692,000 |
| 2001 |
12,682 |
143,734,000 |
136,933,000 |
6,801,000 |
| 2002 |
12,909 |
144,863,000 |
136,485,000 |
8,378,000 |
| 2003 |
13,271 |
146,510,000 |
137,736,000 |
8,774,000 |
| 2004 |
13,774 |
149,401,000 |
141,252,000 |
8,149,000 |
| 2005 |
14,234 |
149,320,000 |
141,729,000 |
7,591,000 |
| 2006 |
14,614 |
151,428,000 |
144,427,000 |
7,001,000 |
| 2007 |
14,874 |
153,124,000 |
146,046,000 |
7,078,000 |
| 2008 |
14,830 |
154,287,000 |
145,363,000 |
8,924,000 |
| 2009 |
14,419 |
154,142,000 |
139,877,000 |
14,265,000 |
| 2010 |
14,784 |
153,889,000 |
139,064,000 |
14,825,000 |
| 2011 |
15,021 |
153,617,000 |
139,869,000 |
13,747,000 |
| 2012 |
15,369 |
154,975,000 |
142,469,000 |
12,506,000 |
| 2013 |
15,710 |
155,389,000 |
143,929,000 |
11,460,000 |
Instructions: Enter your responses rounded to one decimal place. Make sure to pay attention to the units measured in the question, i.e. million or trillion.
Between 2000 and 2013, by how much did
(a) The labor force increase? million
(b) Total employment increase? million
(c) Total unemployment increase? million
(d) Total output (real GDP) increase? $ trillion
2. Refer to the data below:
| Year |
Real GDP
(in billions) |
Civilian
Labor Force |
Employment |
Civilian Unemployment |
| 2000 |
12,560 |
142,583,000 |
136,891,000 |
5,692,000 |
| 2001 |
12,682 |
143,734,000 |
136,933,000 |
6,801,000 |
| 2002 |
12,909 |
144,863,000 |
136,485,000 |
8,378,000 |
| 2003 |
13,271 |
146,510,000 |
137,736,000 |
8,774,000 |
| 2004 |
13,774 |
149,401,000 |
141,252,000 |
8,149,000 |
| 2005 |
14,234 |
149,320,000 |
141,729,000 |
7,591,000 |
| 2006 |
14,614 |
151,428,000 |
144,427,000 |
7,001,000 |
| 2007 |
14,874 |
153,124,000 |
146,046,000 |
7,078,000 |
| 2008 |
14,830 |
154,287,000 |
145,363,000 |
8,924,000 |
| 2009 |
14,419 |
154,142,000 |
139,877,000 |
14,265,000 |
| 2010 |
14,784 |
153,889,000 |
139,064,000 |
14,825,000 |
| 2011 |
15,021 |
153,617,000 |
139,869,000 |
13,747,000 |
| 2012 |
15,369 |
154,975,000 |
142,469,000 |
12,506,000 |
| 2013 |
15,710 |
155,389,000 |
143,929,000 |
11,460,000 |
Instructions: Enter your responses rounded to the nearest one decimal place. Make sure to pay attention to the units measured in the question, i.e. million or trillion.
Between 2000 and 2001, by how much did
(a) The labor force increase? million
(b) Total employment increase? million
(c) Total unemployment increase? million
(d) Total output (real GDP) increase? $ trillion
3 .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 9.3 percent? (Real GDP in 2009 was $14,419 billion).
4. Refer to the "In the News" below:
|
In the News: Unemployment Rate Hits a 26-Year High
|
|
The nation's unemployment rate climbed to 10.2 percent in October, the highest rate since 1983. Nonfarm payrolls dropped another 190,000 last month, adding to 22 consecutive months of job losses. The biggest job losses were in manufacturing, construction, and retail employment.
Since the recession began over 7.3 million jobs have been lost. The unemployment rate has more than doubled from 4.9 percent in December 2007 to its current level of 10.2 percent.
In October, 35.6 percent of unemployed persons were jobless for 27 weeks or more, while 20 percent of the unemployed were jobless for 5 weeks or less.
Among the major worker groups, the unemployment rates for adult men (10.7 percent) and whites (9.5 percent) rose in October. The jobless rates for adult women (8.1 percent), teenagers (27.6 percent), blacks (15.7 percent), and Hispanics (13.1 percent) were little changed over the month.
Source: U.S. Bureau of Labor Statistics, November 10, 2009.
|
If the number of unemployed is 15.7 million, in October 2009:
Instructions: Enter your responses rounded to the nearest whole number.
(a) How many people were in the labor force?million
(b) How many people were employed?million
5. Suppose all the dollar values in the following data are in 2000 dollars.
also, what does data in the 2000 mean
| Consumption |
$200 billion |
| Depreciation |
20 |
| Retained earnings |
12 |
| Gross investment |
40 |
| Imports |
70 |
| Exports |
50 |
| Net foreign factor income |
10 |
| Government purchases |
80 |
Instructions: Enter your response rounded to the nearest whole number.
How much is GDP?
$ billion
Use the Consumer Price Index shown and convert GDP to 2013 dollars.
| Consumer Price Index |
| Year |
Index
(all items) |
Percent
Change |
| 2000 |
172.2 |
3.4 |
| 2001 |
177.1 |
2.8 |
| 2002 |
179.7 |
1.6 |
| 2003 |
184.0 |
2.6 |
| 2004 |
188.9 |
2.7 |
| 2005 |
195.3 |
3.4 |
| 2006 |
201.6 |
3.2 |
| 2007 |
207.3 |
2.8 |
| 2008 |
215.3 |
3.8 |
| 2009 |
214.5 |
-0.4 |
| 2010 |
218.1 |
1.6 |
| 2011 |
224.9 |
3.2 |
| 2012 |
229.6 |
2.1 |
| 2013 |
233.0 |
1.5 |
What is the value of that GDP in 2013 dollars? (Convert the figures from their nominal to their real values with 2013 as the base year; use the following formula: CPI2/CPI1 = GDP2/GDP1.)
Instructions: Enter your response rounded to the nearest whole number.$ billion
6. What was real per capita GDP in 1933 measured in 2013 prices? Use the data in the table below and a price index of 100/1,400 to compute your answer.
| Year |
Nominal GDP |
Population |
Nominal per capita GDP |
| 1933 |
$ 57 billion |
126 million |
$ 452 |
| 2013 |
16,800 billion |
301 million |
54,194 |
Instructions: Enter your response rounded to the nearest whole number.