大经济学数据(1)

QQuueessttiioonnssffoorrRReevviieeww1.GDPmeasuresboththetotalincomeofeveryoneintheeconomyandthetotalexpendi-tureontheeconomy’soutputofgoodsandservices.GDPcanmeasuretwothingsatoncebecausebotharereallythesamething:foraneconomyasawhole,incomemustequalexpenditure.Asthecircularflowdiagraminthetextillustrates,thesearealter-native,equivalentwaysofmeasuringtheflowofdollarsintheeconomy.2.Theconsumerpriceindexmeasurestheoveralllevelofpricesintheeconomy.Ittellsusthepriceofafixedbasketofgoodsrelativetothepriceofthesamebasketinthebaseyear.3.TheBureauofLaborStatisticsclassifieseachpersonintooneofthefollowingthreecat-egories:employed,unemployed,ornotinthelaborforce.Theunemploymentrate,whichisthepercentageofthelaborforcethatisunemployed,iscomputedasfollows:UnemploymentRate=.Notethatthelaborforceisthenumberofpeopleemployedplusthenumberofpeopleunemployed.4.Okun’slawreferstothenegativerelationshipthatexistsbetweenunemploymentandrealGDP.Employedworkershelpproducegoodsandserviceswhereasunemployedworkersdonot.IncreasesintheunemploymentratearethereforeassociatedwithdecreasesinrealGDP.Okun’slawcanbesummarizedbytheequation:%∆RealGDP=3%–2×(∆UnemploymentRate).Thatis,ifunemploymentdoesnotchange,thegrowthrateofrealGDPis3percent.Foreverypercentage-pointchangeinunemployment(forexample,afallfrom6percentto5percent,oranincreasefrom6percentto7percent),outputchangesby2percentintheoppositedirection.PPrroobblleemmssaannddAApppplliiccaattiioonnss1.Alargenumberofeconomicstatisticsarereleasedregularly.Theseincludethefollow-ing:GGrroossssDDoommeessttiiccPPrroodduucctt—themarketvalueofallfinalgoodsandservicesproducedinayear.TThheeUUnneemmppllooyymmeennttRRaattee—thepercentageofthecivilianlaborforcewhodonothaveajob.CCoorrppoorraatteePPrrooffiittss—theaccountingprofitsremainingaftertaxesofallmanufacturingcorporations.Itgivesanindicationofthegeneralfinancialhealthofthecorporatesec-tor.TThheeCCoonnssuummeerrPPrriicceeIInnddeexx((CCPPII))—ameasureoftheaveragepricethatconsumerspayforthegoodstheybuy;changesintheCPIareameasureofinflation.TThheeTTrraaddeeBBaallaannccee—thedifferencebetweenthevalueofgoodsexportedabroadandthevalueofgoodsimportedfromabroad.5NumberofUnemployed×100LaborForceCHAPTER2TheDataofMacroeconomics2.Valueaddedbyeachpersonisthevalueofthegoodproducedminustheamountthepersonpaidforthematerialsnecessarytomakethegood.Therefore,thevalueaddedbythefarmeris$1.00($1–0=$1).Thevalueaddedbythemilleris$2:shesellstheflourtothebakerfor$3butpaid$1fortheflour.Thevalueaddedbythebakeris$3:shesellsthebreadtotheengineerfor$6butpaidthemiller$3fortheflour.GDPisthetotalvalueadded,or$1+$2+$3=$6.NotethatGDPequalsthevalueofthefinalgood(thebread).3.Whenawomanmarriesherbutler,GDPfallsbytheamountofthebutler’ssalary.Thishappensbecausemeasuredtotalincome,andthereforemeasuredGDP,fallsbytheamountofthebutler’slossinsalary.IfGDPtrulymeasuredthevalueofallgoodsandservices,thenthemarriagewouldnotaffectGDPsincethetotalamountofeconomicactivityisunchanged.ActualGDP,however,isanimperfectmeasureofeconomicactiv-itybecausethevalueofsomegoodsandservicesisleftout.Oncethebutler’sworkbecomespartofhishouseholdchores,hisservicesarenolongercountedinGDP.Asthisexampleillustrates,GDPdoesnotincludethevalueofanyoutputproducedinthehome.Similarly,GDPdoesnotincludeothergoodsandservices,suchastheimputedrentondurablegoods(e.g.,carsandrefrigerators)andanyillegaltrade.4.a.governmentpurchasesb.investmentc.netexportsd.consumptione.investment5.Dataonparts(a)to(g)canbedownloadedfromtheBureauofEconomicAnalysis(—followthelinkstoGDPandrelateddata).Mostofthedata(notnecessarilytheearliestyear)canalsobefoundintheEconomicReportofthePresident.Bydividingeachcomponent(a)to(g)bynominalGDPandmultiplyingby100,weobtainthefollowingpercentages:195019752000a.Personalconsumptionexpenditures65.5%63.0%68.2%b.Grossprivatedomesticinvestment18.4%14.1%17.9%c.Governmentconsumptionpurchases15.9%22.1%17.6%d.Netexports0.2%0.8%–3.7%e.Nationaldefensepurchases6.7%6.6%3.8%f.Stateandlocalpurchases7.1%12.8%11.7%g.Imports3.9%7.5%14.9%(Note:ThesedataweredownloadedFebruary5,2002fromtheBEAwebsite.)Amongotherthings,weobservethefollowingtrendsintheeconomyovertheperiod1950–2000:(a)Personalconsumptionexpenditureshavebeenaroundtwo-thirdsofGDP,althoughtheshareincreasedabout5percentagepointsbetween1975and2000.(b)TheshareofGDPgoingtogrossprivatedomesticinvestmentfellfrom1950to1975butthenrebounded.(c)Thesharegoingtogovernmentconsumptionpurchasesrosemorethan6percentagepointsfrom1950to1975buthasrecededsomewhatsincethen.(d)Netexports,whichwerepositivein1950and1975,weresubstantiallynegativein2000.(e)Thesharegoingtonationaldefensepurchasesfellfrom1975to2000.(f)Thesharegoingtostateandlocalpurchasesrosefrom1950to1975.(g)ImportshavegrownrapidlyrelativetoGDP.6AnswerstoTextbookQuestionsandProblems6.a.i.NominalGDPisthetotalvalueofgoodsandservicesmeasuredatcurrentprices.Therefore,NominalGDP2000=(P×Q)+(P×Q)=($50,000×100)+($10×500,000)=$5,000,000+$5,000,000=$10,000,000.NominalGDP2010=(P×Q)+(P×Q)=($60,000×120)+($20×400,000)=$7,200,000+$8,000,000=$15,200,0