ECONOMICS 1 Data Collection and Analysis.

Task 1 Print Economic Data Collection and Analysis GDP, inflation, and unemployment rates can be used to measure the health of an economy and its possible growth. Let’s look at some current data. Part A Click your state on the map to find employment data for your state. Type the relevant employment data in the chart below. Font Sizes Characters used: 396 / 15000 Part B Economists frequently use the Consumer Price Index (CPI) to measure inflation, the general increase in prices. The CPI measures the monthly change in the prices of what typical Americans buy. If the CPI is positive, it means that prices are going up. If it is negative, it means that prices are going down. Now, review this US economic data, and type the relevant information in the chart. Font Sizes Characters used: 132 / 15000 Part C Find the US data on this list of GDP data. Record the data for the most recent year listed and the year before that in the table. Note: On this site, the GDP for last year is also the nominal GDP. Nominal GDP does not account for inflation in the year the GDP is earned. Font Sizes Characters used: 110 / 15000 Part D When comparing GDP from one year to another, you need to adjust each year’s GDP for any inflation that occurs during that year. To do this, you need to find real GDP. To find real GDP, or the value of GDP that takes into account any price changes in the period, use this formula: You found the nominal GDP for two years in part c, but you will need to find the value of the deflators before you can use the formula. Price deflators neutralize any inflation that happened that year. Using this table of price deflator data, find the price This study source was downloaded by from CourseH on :20:45 GMT -06:00 deflators for gross domestic product (line 1) for the fourth quarter (IV) in the years you used in part c and record them in the table