Chapter 2. The Data of Macroeconomics

# Chapter 2. The Data of Macroeconomics

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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