econ 202 RGDP question

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qnathlra95

Economics

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Use the data in the Table below to answer the questions asked in a and b on each of the 3 variables for the US economy:

a. Calculate the changes in inflation rates, unemployment rates and the RGDP growth rates for the years from Year 2007 through 2016 and show them in a new column next to each of the values of the three variables (a template of the table is given below). 5 pts

Year

Real GDP

RGDP growth rate in %

Unemployment Rate

Change in U rate in %

CPI Indices

Inflation rate in %

2006

14,613.8

-

4.6%

-

201.6

-

2007

14,873.7

?

4.6%

?

207.3

?

2008

14,830.4

?

5.8%

?

215.3

?

2009

14,418.7

?

9.3%

?

214.53

?

2010

14,783.8

?

9.6%

?

218.05

?

2011

15,020.6

?

8.9%

?

224.93

?

2012

15,354.6

?

8.1%

?

229.59

?

2013

15,612.2

?

7.4%

?

232.96

?

2014

16,013.3

?

6.2%

?

236.74

?

2015

16,471.5

?

5.3%

?

237.02

?

2016

2017

16,716.2

17,092.7

?

?

4.9%

4.4%

?

?

240.01

245.12

?

?

Source: for CPI and U-Rate date: www.bls.gov; For RGDP data: www.bea.gov

b. Based on those calculations, briefly analyze the overall economic performance over the last 9 years (2007-2017) and critically predict about these three macroeconomic variables for 2018-20. 5 pts

Hint: While predicting the trend for 2018-2020 (based on the growth rates and trend you estimated in the table above), it is imperative to observe the most recent data on these three variables.

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