ECO 221 MACROECONOMICS ASSIGNMENT 1
Use databank.worldbank.org (shown in class) as your data source.
1. Comparing GDPs across countries (40 points)
This has been recently reported that China has surpassed Japan to become the world’s second largest economy and could very soon overtake the USA as the world first economy. The goal of this section is to go behind headlines by comparing GDPs across these THREE countries.
ECO 221 MACROECONOMICS ASSIGNMENT
2. Standard of Living or ‘Command over Resources’ (20 points)
Despite rapid economic growth China struggles to make in the top countries in term of income per capita. Using GDP per capita (constant 2010 US $), redo a.; c.; and d. in 1. (NOTE: for c./ , use USA and China ONLY). Comment! (2.5 points each)
3. Price Level: CPI and Inflation (20 points)
For this section, use USA, Brazil and Nigeria.
4. Employment, Unemployment and GDP (20 points)
a. Select 2 OECD countries (High income developed countries). Graph their unemployment rate (use Unemployment, total (% total labor force). Comment! (10 points)
b. In Chapter 6, we discuss the relationship between level of GDP and the level of employment. That is the higher the level of employment (the lower the level of unemployment), the higher the GDP. Do the data confirm this? (Hint: Graph the GDP growth rate and the Unemployment rate for ONE of the countries above selected. Comment! (10 points).
ECO 221 MACROECONOMICS ASSIGNMENT