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Chapter 2. The Data of Macroeconomics

Chapter 2. The Data of Macroeconomics. Homework: pp. 41-42: #2, 6, 8 Link to syllabus. Fig. 2-1 p. 19. The Circular Flow. Fig 2-2 p. 20. Stocks and Flows. Other Text. Value Added in a five-stage process. Table 2-1 p. 29. GDP and its Major Components, 2007.

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Chapter 2. The Data of Macroeconomics

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  1. Chapter 2. The Data of Macroeconomics Homework: pp. 41-42: #2, 6, 8 Link to syllabus

  2. Fig. 2-1 p. 19. The Circular Flow

  3. Fig 2-2 p. 20. Stocks and Flows

  4. Other Text. Value Added in a five-stage process

  5. Table 2-1 p. 29. GDP and its Major Components, 2007

  6. GDP by Sector: Statistical Abstract of the U.S.

  7. GDP, $billion

  8. Link to US National Accounts NIPA on GDP <http://www.bea.gov/bea/dn/home/gdp.htm> Relationship of GDP, GNP, National Income, etc. http://www.bea.gov/bea/dn/nipaweb/SelectTable.asp?Popular=Y

  9. Data on US Real and Nominal GDP http://www-personal.umd.umich.edu/~mtwomey/econhelp/301files/NIPARealGDP.xls

  10. Other Text The Nominal and Real Price of a First-Class Letter Bat

  11. Fig. 2-3 p. 34. Changes in the CPI and in the GDP Deflator (Point is that the two price indexes move in tandem).

  12. Fig. 2-4 p. 37. US Population and Labor Force, 2011 Labor Force = 139.6 + 14.1 =153.6 Unemployment rate = (141/153.6.19)x100 = 9.1 % Unemployment was 9% in 2012.

  13. Figure 2-5 p. 39. Labor Force Participation Rates (Major change in US society since WWII).

  14. Gini Coefficient of Inequality of the Distribution of Income, US Source: US Department of Commerce http://www.personal.umd.umich.edu/~mtwomey/econhelp/301files/Y-Dist.xlsx

  15. The labor force, employment and unemployment, 2002 McConnell/ Brue text! Unemployment rate was 8.3/142 or 5.8%. In 2000 it was 4%.

  16. Moved! Fig. 2-5 p. 36. Okun’s Law Okun’s Law: % Δ in Real GDP = 3% - 2 x Δ in Unemployment

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