Chapter 2. The Data of Macroeconomics Homework: pp : #2, 6, 8 Link to syllabussyllabus

Fig. 2-1 p. 19. The Circular Flow

Fig 2-2 p. 20. Stocks and Flows

Other Text. Value Added in a five-stage process

Table 2-1 p. 29. GDP and its Major Components, 2007

GDP by Sector: Statistical Abstract of the U.S.

GDP, $billion

Link to US National Accounts NIPA on GDP GDP RelationshipRelationship of GDP, GNP, National Income, etc.

Data on US Real and Nominal GDP

Bat Other Text The Nominal and Real Price of a First-Class Letter

Fig. 2-3 p. 34. Changes in the CPI and in the GDP Deflator (Point is that the two price indexes move in tandem).

Fig. 2-4 p. 38. US Population and Labor Force, 2011 Labor Force = =153.6 Unemployment rate = (14.0/153.6)x100 = 9.1 % Alternate measure: Labor Force Part. Rate =Labor Force/Population =(153.6/239.9)x100 =64% Unemployment was 9% in 2012.

The labor force, employment and unemployment, 2002 Unemployment rate was 8.3/142 or 5.8%. In 2000 it was 4%. McConnell/ Brue text!

Figure 2-5 p. 39. Labor Force Participation Rates (Major change in US society since WWII).

Gini Coefficient of Inequality of the Distribution of Income, US Source: US Department of Commerce

Pre- Fisc Post- FiscRatio Pre- Fisc Post- FiscRatio Chile Poland Korea Italy Switzerland Norway U.S.A Slovak R Israel Sweden Canada Ireland Iceland France N. Zealand Luxembourg Japan Denmark Australia Germany Portugal Czech R Spain Austria Estonia Belgium Netherlands Slovenia Greece Finland U. Kingdom Hungary#N/A28.5#N/A Mexico#N/A47.2#N/A Turkey#N/A41.7#N/A More Ginis (Inequality)

Moved! Fig. 2-5 p. 36. Okun’s Law Okun’s Law: % Δ in Real GDP = 3% - 2 x Δ in Unemployment