GDP Gross Domestic Product

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  • 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).

  • 11 years ago
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jim claire
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Hemsworth
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