Please use attached ppt to answer below questions.
1. The indicator Gross Domestic Product is used across the world to
evaluate the output of economies. Please give me the formal definition
of GDP, and then in a single sentence tell me explicitly what exactly
2. Explain to me how we can measure the amount of GDP from both the
income side and the expenditure side, using as your example a trip to
your local Chipotle.
3. Let’s say we look at data for GDP and find the following: GDP in
2021Q1 was 100; GDP in 2021Q4 was 96; and GDP in 2022Q1 was
98. Did GDP rise or fall in the first quarter of 2022?
4. Assume that we compute current dollar GDP for 2022Q1 and find that it
rose roughly 7% from 2021Q1. But we also find that general prices
rose over the same period by 8%. Is the country better off, worse off, or
about the same when it comes to real output? Explain.
5. Why does it make sense for macroeconomists to focus on the “labor
force” rather than the total population when considering the role of
6. The Federal government of the U.S. measures labor data through two
surveys, one of households and one of establishments. Is this not
redundant and a waste of money, or can such sampling be justified
when analyzing the economy?
7. Given what Non-farm Payroll Employment (NFPE) is trying to measure,
does it make sense to exclude the self-employed from the number?
8. Several countries in Europe along with Japan have either a falling
population or one with a zero growth rate. Would you expect their
target level of NFPE to higher, lower, or equal to a country with a
growing population? Explain.
9. What is the difference between a change in relative price and a change
in general price? Give an example of each to make you point.
10. From May 20121 until May 2022 the average price of gasoline at the
pump in the US jumped from $3.02 to $4.59 per gallon. Is this rise in
price of this one product, in and of itself, considered inflation?
11. Describe the difference in calculation of the headline rate of consumer
inflation and the core rate of inflation.
12. Would unions fighting with management trying to get the highest raise
possible in real terms be best served to use the headline rate or the
core rate as a measure of inflation when negotiating a contract?
13. Why is the core CPI better suited for understanding inflationary
pressures than the headline CPI?
14. List and briefly describe three theoretical causes of inflation in the short
Order an Essay Now & Get These Features For Free: