11 May Assume only these products were produced and spent on in an econo
Assume only these products were produced and spent on in an economy. Calculate the Nominal GDP and Real GDP for 2010, 2011, and 2012
| BURGERS | COKE | ||||
| Quantity | Price | Quantity | Price | ||
| 2010 (Base Year) | 100,000 | $5 | 75,000 | $1 | |
| 2011 | 50,000 | $6 | 45,000 | $1.25 | |
| 2012 | 100,000 | $5.50 | 75,000 | $1.10 |
Is Real GDP or Nominal GDP a better indicator of the changes in an economy? Why?
Assume that in an economy, the total number of employed people is 100, total unemployed is 8, and civilian non-institutional population is 125.
Calculate the unemployment rate, and labor force participation rate of that economy.
Use the link for Real GDP (Chained Dollars) below from BEA (Bureau of Economic Analysis)
http://www.bea.gov/iTable/iTable.cfm?&#&&&
Create a table of % change in Real GDP Numbers for the past 10 quarters (2013, 2014 and Q1 and Q2 2015) on a quarterly basis. Include the major components of GDP as well (C, G, I, X and M). Note: No need to get net exports. Keep X and M separate
Should look something like this
DP: GDP = C + I + G + (X – M).
| %Change | Q1 | Q2 | Q3 2013 | Q4 2013 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 |
| 2013 | 2013 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | |||
| Real GDP | ||||||||||
| C | ||||||||||
| I | ||||||||||
| X | ||||||||||
| M | ||||||||||
| G |
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