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Homework Macroeconomics

How can GAP measures two things at once? GAP measures the total economy income and total output of goods and services. The reason why GAP measures two things at once is that the output of goods and services and total income, quantitatively, are the same. For instance, every dollar of expenditure by a buyer must become a dollar of income to a seller. 2. What does the consumer price index measure? How is it different from the GAP deflator?

Consumer Price Index (ICP) measures the price of a fixed basket of goods and service purchased by a typical consumer relative to the same basket in a base ear. First, the GAP deflator measures the prices of all goods and services produced, whereas the ICP measures the prices of only the goods and services bought by consumers. Second, the GAP deflator includes only those goods produced domestically. Imported goods are not part of GAP and do not show up in the GAP deflator while the ICP includes the imported goods.

Third, the ICP assigns fixed weights to the prices of different goods, whereas the GAP deflator assigns changing weights. 3. List the three categories used by the Bureau of Labor Statistics to

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classify everyone in the economy. How does the Bureau compute the unemployment rate? Three categories are employed, unemployed, and not in the labor force. Unemployment Rate = Number of unemployed [Labor Force * 100 4. Describe the two ways the Bureau of Labor Statistics measures total employment?

Because the BILLS conducts two surveys of labor-market conditions, it produces two measures of total employment. From the household survey, it obtains an estimate of the number of people who say they were working. From the establishment survey, it obtains an estimate of the number of workers firms have on their payrolls. Problem 1. NEW YORK ? Falling oil prices dragged the stock market lower on Monday as Exxon Mobil, Chevron and other big energy companies sank along with crude.

The Standard & Poor’s 500 index lost 16. 55 points, or 0. 8 percent, to close at 2,028. 26. – Denver Post The oversupply stimulated the decrease of oil price. In economy, it is sample that can explain the relationship between demand and supply. When the demand is bigger than the supply, price will go up and when the demand is smaller the supply, the price will fall. That is what we call supply and demand theory. Homework Macroeconomics By Scavengers 61

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