What is the current inflation rate and how are inflation, unemployment and GDP related? Why

Macroeconomics 2010

 

 

  1. Inflation, Unemployment, GDP and Economic Growth

 

  1. What is the current inflation rate?
  2. How are inflation, unemployment and GDP related? Why?
  3. What is the current Unemployment rate? What is the current level of Real GDP?
  4. What are the 4 types of unemployment? Give an example of each.
  5. Is zero unemployment a goal of macroeconomists? Why or why not?
  6. Using the table below, compute nominal and real GDP for 2011 and 2012. Use the prices of 2011 as the base year. Show all your work.

 

Year Quantity of Burgers Quantity of DVDs Price of Burgers Price of DVDs
2011 100 200 2.00 11.00
2012 120 190 2.20 12.00

 

  1. What is economic growth? Why is it important?

 

  1. What is the business cycle? Graph the different parts of a business cycle.

 

  1. Supply and Demand in the U.S. Car Market. (Make sure to include a graph showing the initial equilibrium and the new equilibrium with the corresponding price and quantity and an explanation to support your answer for each question.) (44)

 

  1. As income falls, what happens to the price and quantity of U.S. cars?

 

  1. As American labor unions negotiate higher wages, what happens to the price and quantity of U.S. cars?

 

  1. If BMW lowers its price, what happens to the price and quantity of Mercedes cars?

 

  1. As the price of gas increases, what happens to the price and quantity of big American SUVs?

 

 

 

  1. Price Floor/Ceiling.

 

The government in California is increasing minimum wage to $15 dollars and hour, will this cause a surplus or a shortage of workers (labor)? Make sure to include the appropriate graph and who the potential winners and losers are, as well as provide alternative solutions.

 

  1. What is your opportunity cost for taking this class?

 

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