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ECO561 Week 6 Assignment Scavenger Hunt Instructions for questions 1 & 2: •Answer the following on GDP, by visiting www. bea. gov/interactive. htm •Under “National Economic Data”, click National income and product accounts •Click “Frequently Requested NIPA Tables” Questions: 1. Use Table 1. 1. 1 to answer the following: a. What was the GDP growth rate for each quarter of 2008 and 2009? Line 2008 I 2008 II 2008 III 2008 IV 2009 I 2009 II 2009 III 2009 IV 1 Gross domestic product-0. 71. 5-2. 7-5. 4-6. 4-0. 72. 25. 6 b. When did we go into recession?
Third quarter of 2008 c. When did we come out of the recession? Third quarter of 2009 d. Of all of the parts of GDP, which are C+I+G+NX, find the one with the largest decline in a single quarter, which one was it, and what quarter was it in? Investment (Gross private domestic investment) -50. 5 First quarter 2009. 2. Use Table 1. 1. 5 to answer the following: a. Which quarter in 2008 or 2009 had the largest GDP? Third quarter 2008 14,546. 7 (billions of dollars) b. For 2009 IV, what percent of GDP was C, I, and G? C : 10,236. 4/ 14,453. 8 = 70. 82% I : 1,707. / 14,453. 8 = 11. 81% G: 2,959. 2/ 14,453. 8 = 20. 47% Instructions for questions 3, 4 & 5: •Answer the following on GDP, by visiting www. bls. gov •Click “Databases and Tables •Scroll down to “Inflation and Prices” and select the Tables button from the line labeled “All Urban Consumers (Current Series)” •Under the label “Consumer Price Index History Table”, click the hyperlink with the long name. Questions: 3. Using the Annual Avg. column, calculate the inflation rate from 2007 to 2008, and for 2008 to 2009. From 2007 to 2008 3. 8% From 2008 to 2009 -0. 4% . There were 2 months in 2009 where the price level decreased, what were they? July 2009 and December 2009 5. If your grandfather made $5,000 / yr. in 1950, what would his real wage be (in the base year) 5000/24. 1 X 100 = 207. 46888 X 100= 20,746 Instructions for questions 6, 7 & 8: •Answer the following on GDP, by visiting www. bls. gov •Click “Databases and Tables” •Click on “Unemployment” •In the line labeled “Labor Force Statistics including the National Unemployment Rate, click Tables •Click on Annual average data •Under Employment Status, click the PDF for #1.
Employment Status of the civilian non-institutional population (you may want to print it) 6. How many people were unemployed in 2008? 8,924 And 2009? 14,265 7. For the 2009 unemployment rate of 9. 3%, show the calculation (formula) with actual numbers from the table. Unemployed / Total labor force 14265/ 154142 = 9. 3% 8. When (in what year) was the last time that the unemployment rate was as high as 2009? 1983 9. 6% How many people were unemployed in that year? 10717 (in thousands) How is that different from the number of unemployed people in 2009? 14,265 (in thousands) – 10, 717 (in thousands) = 3548 (in thousands)