- Ensure Paper consists of at least 4 pages, double spaced, 12 point font (times new roman), at least 3 references that support answers and addresses the following questions.
- Show work for all calculations and explain how you got them
Suppose that in 2013, the economy produced 10 shirts at $20 each and 5 hamburgers at $5 each. In 2014, the economy produced 15 shirts at $21 each and 10 hamburgers at $6 each.
- What is the value of real GDP produced in 2014 using 2013 as the base year?
- (show how calculations was received)
- What would be the growth in real GDP?
- Why is there unemployment even when the economy is at “full employment”? What are some “costs of unemployment”?
- Use the table below:
|
Year |
CPI |
|
2008 |
100.0 |
|
2009 |
102.5 |
|
2010 |
106.0 |
|
2011 |
111.0 |
-
- What is the inflation rate from 2010 to 2011?
- Suppose that you have an income of $30,000 in 2008. How much would you need to be able to have the same standard of living in 2009?
- What are some of the problems with using the CPI as a measure of standard of living?
- Explain some limitations of using GDP as an indicator of standard of living (be sure to do some research on your own).
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