Please answer each of the questions below in short-answer format. Write your responses in complete sentences. Each answer should be two – three paragraphs (150 250 words) in length.
Review the Grading Rubric as you prepare to complete this assignment.
Be sure to include the question number in each of your responses below to ensure you answered every question in this assignment.
1. What is the importance in macroeconomics of measuring per capita GDP? Provide examples and explain your answer.
2. Frictional unemployment seems to depend on the age distribution of the population. Describe why this is so.
3. What is CPI and how is it calculated? What is the problem with how it is calculated that statisticians have paid considerable attention to in recent years? Provide examples and explain your answer.
4. What is double counting and why must it be avoided when measuring GDP? How do statisticians avoid the problem? Provide examples and explain your answer.
5. Write in paragraph form. Provide examples and explain your answer. If inflation rises unexpectedly by 5%, indicate for each of the following whether the economic actor is helped, hurt, or unaffected:
A union member with a COLA wage contract
Someone with a large stash of cash in a safe deposit box
A bank lending money at a fixed rate of interest
A person who is not due to receive a pay raise for another 11 months
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