discuss secular seasonal and cyclical variations within economic data be sure to indicate how each type of variation arises and to provide an example of each type of change.

Q: What is meant by business cycle? What are the leading and lagging indicators of forecasting a…

A: Individuals could be affected in numerous ways from the business cycle with respect to making…

Q: 19. The following table contains nominal and real GDP data, in billions of dollars, from the U.S.…

A: GDP Deflator: GDP deflator is the measure of the change in the prices of all the goods and services…

Q: The following table contains nominal GDP and the GDP deflator from FRED" for the fourth quarter of…

A: Real GDP is the GDP which represent the inflation adjusted price of the goods and services , so here…

Q: Define “retail sales” index and tell why it is important as an economic indicator.

A: The Retail Sales Index (RSI) is an indicator of retail industry’s performance in the short-run based…

Q: Explain the value of seasonal indices in forecasting. How are seasonal patterns different from…

A: Forecasting is an essential tool in the field of economics. It is necessary for researchers and…

Q: Economic variables are sometimes divided into “leading indicators” and “lagging indicators.” Leading…

A: Recession  A recession in the economy refers to the situation in which the aggregate demand in the…

Q: Attendance at Orlando's newest Disneylike attraction, Lego World, has been as follows: Guests (in…

A: The following table contains the attendance taking place at the Lego World at different seasons.…

Q: Which of the following is an example of a macroeconomic indicator? A) The price of a specific…

A: Macroeconomic indicators reflect the economic condition of a particular economy. It helps to assess…

Q: What is the impact of GDP during the covid 19 period

A: GDP calculates the monetary value of the final goods and services—those purchased by the…

Q: What part of the business cycle (expansion, contraction, peak, trough) is the economy likely in…

A: A recessionary gap is an economic phenomenon that happens when a country's real GDP is lower than…

Q: You are provided with the following data – assume the two items produced by an economy are movies…

A: The objective of the question is to calculate the economic growth rate for the year 2020. The…

Q: What is meant by the seasonal adjustment of a time series? Explain why government agencies expend a…

A: The seasonal adjustments refer to the adjustments made concerning the time series where generally…

Q: ... ... Using the data In the table below related to nominal GDP and the chaln-welghted price…

A: GDP deflator = Nominal GDPReal GDP

Q: 5) Given the data in the below table, income of $13, a price of $1 for a gallon of gasoline and…

A: Utility is the satisfaction that a consumer obtains after consumption of goods and service. It is…

Q: Consider the following Economy: Price of Apples Quantity apples Price oranges Quantity Oranges Time…

A: Real GDP is the GDP that is measured in base-year prices. Base Year=Year 2 Real GDP in Year1=…

Q: Define Economic events.

A: Economic events are those that can be measured in monetary terms.

Q: A number of statistics are computed to measure the price level, such as the GDP deflator and the…

A: CPI (Consumer Price Index) measures the change in the price of basket of consumer goods and…

Q: Consider the following hypothetical economy with the following economic data. Nominal GDP GDP…

A: To measure the price inflation in an economy GDP deflator is used. It is calculated as follows: GDP…

Q: U.S. population is 328 million people 70 million individuals are legally classified as unable to…

A: Labor force participation rate refers to the number of individuals who are actively working or…

Q: 2070 [/ 1970 1870 1948 1949 REAL GDP (Billions of dollars) 2170 1770 1947 YEAR 1950 1961 ?

A: An increase in the real GDP of the economy in the short run is referred to as an expansion. A…

Q: Suppose that the policy-makers of a foreign country decide to enact policy that reduces unemployment…

A: The  AD-AS model is used in determining or illustrating national income determination and changes in…

Q: The classical dichotomy is the separation of real and nominal variables. The following questions…

A: A value, in contrast to a true worth, has not been adjusted for inflation, so fluctuations in value…

Q: Which of the following macroeconomic variables is the most seasonally procyclical? 1- Expenditure on…

A: A positive correlation between the value of a good, a service, or an economic indicator and the…

Q: How can the economic cycle be interpreted?

A: The economic cycle is the fluctuations of the economy between periods of expansion (growth) and…

Q: Answer questions 12-13 based on the following data for a hypothetical economy. The base year for the…

A: An inflation rate measures the purchasing power that changes as the years pass by.  Inflation can be…

Q: What are the differences among models that forecast the level, trend, and seasonality?

A: A relatively new forecasting approach known as a multiple aggregation prediction algorithm…

Q: ountry of Economica's GDP deflator and nominal GDP in three different years are shown in the table.…

A: Here we have to find real GDP .

Q: The table below presents actual household data collected by the BLS for September 2018 and September…

A: Labor force includes employed as well as unemployed workers.

Q: Explain the purpose of trend line

A: Trendline can be defined as a recognizable line which indicates the best fit of a particular data or…

Q: A small nation of 10 people idolizes the TV show The Voice. All they produce and consume are karaoke…

A: Consumer Price Index (CPI): A measure of the average change in prices paid by the urban consumers…

Q: The following are two sets of retail prices of a family’s shopping basket. The data pertain to…

A: a) Simple Price Index:- Commodity Price (2014) (P0) Price (2015) (P1) Price Relative Shirt  350…

Q: Which of the following is an example of a macroeconomic indicator? A) The price of a specific…

A: Economics deals with the study of decisions related to;allocation of resourcesdistribution of…

Q: The following graph approximates business cycles in the United States from the first quarter of 1947…

A:

Demand and Supply

The concept of demand and supply is important for various factors. One of them is studying and evaluating the condition of an economy within a certain period. The analysis or evaluation of the demand-side factors is important for the suppliers to understand the consumer or individual behaviour. The evaluation of supply-side factors is important for the consumer or individuals to understand that what kind of combination of an economic good or what kind of economic good and services he or she should consume to maximise his utility and minimise the cost. Therefore, in microeconomics, both of these concepts are extremely important to have an idea that what exactly is going on in the economy.