Scavenger Hunt Research Paper
ECO561 Week 6 Assignment
Scavenger Hunt
Instructions for questions 1 & 2:
• Answer the following on GDP, by visiting www.bea.gov/interactive.htm
• Under “National Economic Data”, click National income and product accounts
• Click “Frequently Requested NIPA Tables”
Questions:
1. Use Table 1.1.1 to answer the following:
a. What was the GDP growth rate for each quarter of 2008 and 2009?
Line 2008
I 2008
II 2008
III 2008
IV 2009
I 2009
II 2009
III 2009
IV
1 Gross domestic product -0.7 1.5 -2.7 -5.4 -6.4 -0.7 2.2 5.6
b. When did we go into recession?
Third quarter of 2008
c. When did we come out of the recession?
Third quarter of 2009
d. Of all of the parts of GDP, …show more content…
There were 2 months in 2009 where the price level decreased, what were they?
July 2009 and December 2009
5. If your grandfather made $5,000 / yr. in 1950, what would his real wage be (in the base year)
5000/24.1 X 100 = 207.46888 X 100= 20,746
Instructions for questions 6, 7 & 8:
• Answer the following on GDP, by visiting www.bls.gov
• Click “Databases and Tables”
• Click on “Unemployment”
• In the line labeled “Labor Force Statistics including the National Unemployment Rate, click Tables
• Click on Annual average data
• Under Employment Status, click the PDF for #1. Employment Status of the civilian non-institutional population (you may want to print it)
6. How many people were unemployed in 2008? 8,924
And 2009? 14,265
7. For the 2009 unemployment rate of 9.3%, show the calculation (formula) with actual numbers from the table.
Unemployed / Total labor force
14265/ 154142 = 9.3%
8. When (in what year) was the last time that the unemployment rate was as high as 2009?
1983 9.6%
How many people were unemployed in that year? 10717 (in thousands)
How is that different from the number of unemployed people in
Scavenger Hunt
Instructions for questions 1 & 2:
• Answer the following on GDP, by visiting www.bea.gov/interactive.htm
• Under “National Economic Data”, click National income and product accounts
• Click “Frequently Requested NIPA Tables”
Questions:
1. Use Table 1.1.1 to answer the following:
a. What was the GDP growth rate for each quarter of 2008 and 2009?
Line 2008
I 2008
II 2008
III 2008
IV 2009
I 2009
II 2009
III 2009
IV
1 Gross domestic product -0.7 1.5 -2.7 -5.4 -6.4 -0.7 2.2 5.6
b. When did we go into recession?
Third quarter of 2008
c. When did we come out of the recession?
Third quarter of 2009
d. Of all of the parts of GDP, …show more content…
There were 2 months in 2009 where the price level decreased, what were they?
July 2009 and December 2009
5. If your grandfather made $5,000 / yr. in 1950, what would his real wage be (in the base year)
5000/24.1 X 100 = 207.46888 X 100= 20,746
Instructions for questions 6, 7 & 8:
• Answer the following on GDP, by visiting www.bls.gov
• Click “Databases and Tables”
• Click on “Unemployment”
• In the line labeled “Labor Force Statistics including the National Unemployment Rate, click Tables
• Click on Annual average data
• Under Employment Status, click the PDF for #1. Employment Status of the civilian non-institutional population (you may want to print it)
6. How many people were unemployed in 2008? 8,924
And 2009? 14,265
7. For the 2009 unemployment rate of 9.3%, show the calculation (formula) with actual numbers from the table.
Unemployed / Total labor force
14265/ 154142 = 9.3%
8. When (in what year) was the last time that the unemployment rate was as high as 2009?
1983 9.6%
How many people were unemployed in that year? 10717 (in thousands)
How is that different from the number of unemployed people in