Country X Country Y Country Z 1 YEAR 1 YEAR 1 YEAR AGO INDICATOR NOW NOW NOW AGO AGO Unemployment rate 7.5% 5.6% 7.9% 9.3% 5.5% 5.4% GDP growth rate 5.1% 1.9% 0.3% -1.2% 3.5% 3.7% Inflation rate 1.1% 0.2% 2.1% 0.0% 2.4% 2.3% 4. Which country would you want to start a new business in? Why? Country would be the best option to start a new business in because... 5. Describe how the economic indicators affect one another. If GDP increases the effect on unemployment will be an (increase/decrease) because... This change in unemployment will cause inflation to (increase/decrease) because...

Country X Country Y Country Z 1 YEAR 1 YEAR 1 YEAR AGO INDICATOR NOW NOW NOW AGO AGO Unemployment rate 7.5% 5.6% 7.9% 9.3% 5.5% 5.4% GDP growth rate 5.1% 1.9% 0.3% -1.2% 3.5% 3.7% Inflation rate 1.1% 0.2% 2.1% 0.0% 2.4% 2.3% 4. Which country would you want to start a new business in? Why? Country would be the best option to start a new business in because... 5. Describe how the economic indicators affect one another. If GDP increases the effect on unemployment will be an (increase/decrease) because... This change in unemployment will cause inflation to (increase/decrease) because...

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Year Unemployment Rate Inflation Rate Economic Growth Rate 2009 18.9% 0.4% -1.38% 2010 19% 0.7% -4.47% 2011 18.9% 3.2% -0.61% 2012 18.9% 2.6% 1.17% 2013 18.9% 0.8% 2.46% 2014 18.9% 0.2% 1.15% 2015 19% -1.7% 2.79% 2016 19% -0.1% 4.15% 2017 19% 2.2% 1.55% 2018 19% 2.3% 3.18% “Developing countries, like those in the Caribbean, have low economic growth and high unemployment because there is too much labour but not enough capital. Using the data above, your economic knowledge as well as additional research, critically evaluate this statement by providing THREE reasons for and THREE reasons against. Introduction Provide intro on the topic Clearly state the objectives of the essay Clearly articulate the Background and context of the topic, ensure they are effectively linked to the objectives. State main points Main Body: Critically evaluate the Statement above and…
Product The GDP in China is $12.2 trillion. The rate of inflation is 2.5%. If the population of China is 1,421,021,000, find the per capita GDP in this country. per capita GDP = $ [?] Round to the nearest hundredth. Copyright © 2003-2022 International Academy of Science. All Rights Reserved. P in China is $12.2 trillion. The rate of mis 2.5%. If the population of China is 21,000, find the per capita GDP in this country. H t Enter a H M D
Calculating and categorizing inflation This table indicates the historical level of the Consumer Price Index (CPI) for the United States for 2006,2007, and 2008. Complete the table by (1) selecting the inflation rates for 2007 and 2008, and (2) indicating for each year whether there has been inflation, deflation, or hyperinflation. Year CPI Inflation rate Change in Price Level 2006 201.6 2007 207.3 2007 215.3 What rates of inflation for 2009 would be consistent with disinflation between 2008 and 2009? Check all that apply. 13.9% 3.7% 3.9% 3.8% What rates of inflation for 2009 would be consistent with hyperinflation ? Check all that apply. 100.0 % -3.9% 120.0% 15.0%
Ellen is downloading labor market data for the most recent month, but her connection is slow. So far this is all she has been able to collect: Unemployment rate 6% Participation rate 62.5% Not in the labor force 63.5 million Find the labor force, the working-age population, the number of employed workers, and the number of unemployed workers.Instructions: Enter your responses rounded to one decimal place.Labor force: millionWorking-age population: millionNumber of employed workers: millionNumber of unemployed workers: million
Now you see what the BLS economist do, except with a more complex basket of goods. Now try to construct an index and determine the inflation rate on your own. The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? (5 points) Items Qty. 2001 2002 2003 2004 Price Amount Spent Price Amount Spent Price Amount Spent Price Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 1.9 2.05 2.13 $2.13 Total Construct the price index for a “fruit basket” in each year using 2003 as the base year. (5 points) Compute the inflation rate…
2. The inflation-unemployment relationship The following graph shows the combinations of unemployment and inflation that existed in the United States for selected years between 1961 and 1969. Click on any blue point (circle symbol) on the graph to get its exact coordinates. You can also use the black point (cross symbol) to find the coordinates of other points along the curve. (Note: You will not be graded for any adjustments made to the graph.) INFLATION RATE (Percent) 1989 5.0 4.5 1988 4.0 3.5 1967 3:0 2.5 2.0 1965 1964 1.5 1983 1961 1.0 0.5 0 3.0 3.5 40 45 5.0 5.5 6.0 8.5 7.0 UNEMPLOYMENT RATE (Percent) What happened to the inflation rate between 1965 and 1969? The inflation rate decreased from 1.9% to 1.5%. The inflation rate increased by 3 percentage points. The inflation rate decreased by 2 percentage points. O The inflation rate increased from 2.9% to 4.3%. ? If the unemployment rate had been 4.0% during the 1960s, the inflation rate would most likely have been:
A price index for a basket of goods over four years was calculated to be: 2014 = 92, • 2015 =97, • 2016=100, • 2017=107. Calculate the inflation rate for each year so that you will enter: Blank #1 = Inflation Rate for 2015 Blank #2 = Inflation Rate for 2016 • Blank #3 = Inflation Rate for 2017 What is the base year in this scenario? • Blank #4 = Base year for this basket %3D Round to two decimal places Blank # 1 Blank # 2 Blank # 3 Blank # 4
Consider the table below Year Fruit Index Fruit Inflation Real GDP Nominal GDP GDP Deflator GDP Inflation 2005 93.48 x 4438.40 4162.00 93.77 x 2006 100.00 a 4768.00 d 100.00 6.64 2007 b 3.89 5163.43 5355.35 103.72 e 2008 115.33 c f 6514.45 114.78 10.66 Based on the values of the table, what is the value of d ? (Please round your answer to include 2 decimal places.)
Consider a simple economy that only produces: pencils, t-shirts, and bananas. Using the information in the table below, calculate the inflation rate for 2020, as measured by the consumer price index. Product Pencils T-shirts Bananas 1.9% 1.1% O-1.1% 1.5% O-1.9% Quantity 8 15 5 Base year price (2010) $2 $5 $1 Price (2019) $3 $7 $1.50 Price (2020) $3.50 $6.75 $1.75
Use the information from the preceding table to fill in the following table. Year Nominal GDP Real GDP GDP Deflator 2018 410 410 100 2019 1170 585 200 2020 1080 480 225 From 2019 to 2020, nominal GDP (increase or decrease) , and real GDP (increase or decrease) . The inflation rate in 2020 was (-12.5%, 0.1%, 12.5%, 88.9%, 112.5%) .
The average price of tuition and fees at private 4-year colleges and universities increased from $8,300 in 1991 to $23,000 in 2006. Calculate the relative change in price from 1991 to 2006 and compare it to the overall rate of inflation as measured by the Consumer Price Index. Average tuition and fees in private 4-year colleges and universities increased by ■%. (Round to the nearest integer as needed.) Average Annual Consumer Price Index (CPI) (1982- 1984=100) Year CPI Year CPI Year CPI 1976 56.9 1989 124.0 2001 177.1 1977 60.6 1990 130.7 2002 179.9 1978 65.2 1991 136.2 2003 184.0 1979 72.6 1992 140.3 2004 188.9 1980 82.4 1993 144.5 2005 1981 90.9 1994 148.2 2006 1982 96.5 1995 152.4 2007 1983 99.6 1996 156.9 1984 103.9 1997 160.5 2009 1985 107.6 1998 163.0 2010 109.6 1999 166.6 2011 1986 1987 113.6 2000 172.2 2012 1988 118.3 195.3 201.6 207.3 2008 215.3 214.5 218.1 224.9 229.6
Consider a simple economy that produces two goods: pencils and envelopes. The following table shows the prices and quantities of the goods over a three-year period. Price Year (Dollars per pencil) 2016 2 2017 4 2018 2 Year 2016 2017 2018 Pencils Use the information from the preceding table to fill in the following table. From 2017 to 2018, nominal GDP Quantity (Number of pencils) 125 135 125 The inflation rate in 2018 was Nominal GDP Real GDP (Dollars) (Base year 2016, dollars) GDP Deflator Price (Dollars per envelope) 3 3 3 and real GDP Envelopes Why is real GDP a more accurate measure of an economy's production than nominal GDP? Quantity (Number of envelopes) 155 O Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. 210 165