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    Homework: Inflation & GDP

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    Tom Schenk Jr.
    In August 2009 there were 154,577,000 in the labor force who were over 16 years-old. Of that, 96,437,000 did not have jobs. With the approximate 96 million, 81,509,000 were not looking for jobs. The Bureau of Economic Analysis estimates GDP every quarter.

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    Homework: Inflation & GDP

    Uploaded by

    Tom Schenk Jr.
    152 views2 pages
    In August 2009 there were 154,577,000 in the labor force who were over 16 years-old. Of that, 96,437,000 did not have jobs. With the approximate 96 million, 81,509,000 were not looking for jobs. The Bureau of Economic Analysis estimates GDP every quarter.

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    In August 2009 there were 154,577,000 in the labor force who were over 16 years-old. Of that, 96,437,000 did not have jobs. With the approximate 96 million, 81,509,000 were not looking for jobs. The Bureau of Economic Analysis estimates GDP every quarter.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    152 views2 pages

    Homework: Inflation & GDP

    Uploaded by

    Tom Schenk Jr.
    In August 2009 there were 154,577,000 in the labor force who were over 16 years-old. Of that, 96,437,000 did not have jobs. With the approximate 96 million, 81,509,000 were not looking for jobs. The Bureau of Economic Analysis estimates GDP every quarter.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Homework 2:

    Inflation & GDP


    ECON 101 – Macroeconomics
    Professor Schenk
    Due: July 12, 2009
    July 10, 2010

    1. Consider the State General Aid (SGA) funding to Iowa’s community colleges between 2000 and 2008.

    Year Nominal Funding Number of Students Funding Per Student


    2000 120,842,833 95,556
    2001 126,492,784 98,602
    2002 143,925,326 105,719
    2003 157,901,666 111,745
    2004 173,303,945 116,439
    2005 192,008,125 120,217
    2006 197,923,928 121,753
    2007 207,459,968 125,990
    2008 220,652,139 128,146

    (a) What was the funding per student between 2000 and 2008? Did it increase or decrease?
    (b) Now use the Consumer Price Index below to adjust the nominal (not inflation adjusted) funding
    to real (inflation adjusted) dollars (2008):

    Year Nominal Funding Consumer Price Index Real Funding (2008)


    2000 120,842,833 168.8
    2001 126,492,784 175.1
    2002 143,925,326 177.1
    2003 157,901,666 181.7
    2004 173,303,945 185.2
    2005 192,008,125 190.7
    2006 197,923,928 198.3
    2007 207,459,968 202.416
    2008 220,652,139 211.09

    (c) What was the real funding per student between 2000 and 2008? What were the qualitative
    differences between 1a and 1b?
    2. Below is data from the most recent employment report by the U.S. Bureau of labor Services (BLS). In
    August 2009 there were 154,577,000 in the labor force who were over 16 years–old. Of that, 96,437,000
    did not have jobs. With the approximate 96 million, 81,509,000 were not looking for jobs. What was
    the unemployment rate? (Note: These numbers are seasonalized estimates).

    1
    Year Real Funding Per Student
    2000
    2001
    2002
    2003
    2004
    2005
    2006
    2007
    2008

    3. The Bureau of Economic Analysis (BEA) estimates GDP every quarter. Recently, BEA estimated GDP
    was $14,264,600,000,000 (over 14 trillion or 14,264.6 billion). Below are the individual component with
    some blanks. Fill the missing values (personal consumption and net exports):

    Category Amounts
    Personal consumption expenditures
    Gross private domestic investment 1,948.4
    Net exports of goods and services
    Exports 1,758.4
    Imports 2,287.4
    Gross Domestic Product 14,264.6

    You’re Done!

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