ii) How is the measure created and which government organization is responsible for reporting the data, Please mention which government agencies are responsible for the collection, compilation, and reporting the data on GDP (realominal) and the unemployment rate. iii) Report the current data and distinguish between real and nominal variables (wherever applicable), and percentage change vs. variables at levels, Variables in levels will apply to the Real GDP, and the Nominal GDP, and the unemployment rate - their absolute current values. Nominal and the Real GDP are reported in trillions (or billions) of USD, the unemployment rate is reported as the percentage of the labor force who are unemployed. Find data on the current real and 2 nominal GDP in trillions/billion USD, and the data on the latest unemployment rate and report it. Report the latest data that you can find. You should mention the differences between the Nominal GDP and the Real GDP and mention which of them is inflation-adjusted and hence a better indicator of an economy's income and production. between two successiveiv) v) Put the measure in a meaningful context to the readers by using comparisons across time (ten to 15 years period and the impact of the current Covid -19 epidemic) to assess the state of the U.S. economy. In part iii), you have explored the importance of reporting the changes in the real GDP and the unemployment rate. Now, provide an analysis of those changes. Think about how has the real GDP changed since 2013; what has been the annual growth rate of the real GDP for the past ten years, or even the past few quarters with the onset of COVID 19? What does that say about the U.S. economy? Similarly, analyze the changes in the unemployment rate since 2013. Was the unemployment rate lower or higher in 2023 compared to 2013, or 2009? Is that good or bad for an economy? What has been the unemployment rate since the onset of the COVID crisis? Monetary policy and a discretionary fiscal policy: Please read chapters 11 and 15, where your textbook author discusses the advantages and disadvantages of using monetary policies and discretionary fiscal policies to stabilize output, employment, and prices. \\dentify one monetary policy and one discretionary fiscal policy which were implemented as an economic stabilization strategy during the time period of your analysis of GDP and Unemployment. Critically evaluate the advantages and disadvantages of your two chosen policies. Find reliable nonacademic articles if you have problems accessing journal articles without subscriptions. However, refrain from using personal opinion pieces and Wikipedia articles. Formatting and Citations: 1. The expected length of the paper is two pages (it can at the most be four pages without the reference list), double spaced with one-inch margin. 2. You are expected to follow the Chicago Manual of Style Author-Date system for formatting and citations. Chicago Manual of Style Author-Date https://www.chicagomanualofstyle.org/home.html For citing data sources refer to the following website: https://www.aeaweb.org/journals/policies/sample-references 3. Your paper should be coherent and based on actual analysis of the economic data obtained from reliable sources and not just your opinion. 4. It should have a title, an introduction, and a conclusion. Your paper doesn't need to have an abstract. A separate title page is not required. 5. You should refer to and cite at least two of the three data sources mentioned under the section "Data Sources." 6. If you use material from the textbook or other publications, they must be cited following Chicago Manual Style Author-Date format. 7. Your reference list will not count towards the two-page limit.Write a two-page paper on your assessment of the U.S. economy based on your analysis of the following macroeconomic indicators: 0 The gross domestic product. 0 The rate of unemployment. For each of the two indicators, briefly mention: i) i) Why do you think this is an important indicator for the U.S. economy? How is the measure created and which government organization is responsible for reporting the data? iii) Report the current data and distinguish between real and nominal variables (wherever applicable), and percentage change vs. variables at levels Put the measure in a meaningful context to the readers by using comparisons across time (ten to 15 years period and the impact of the current Covid -19 epidemic) to assess the state of the U.S. economy. Part v) Identify a monetary policy and a discretionary fiscal policy that was implemented during your period of comparison and discuss its impact on the economy in terms of economic recovery and employment stabilization. iv) i) Why do you think this is an important indicator for the U.S. economy, Please describe the importance of the GDP and the unemployment rate in studying the health of an economy. Explain what does an increase/decrease in the GDP (quarterly or real annual GDP) signifies for a country's economic situation periods of economic growth or recession. Similarly, what is the purpose of gathering data on unemployment, and what does 2 high or low unemployment rate signify for a nation's economic condition? nominal GDP in trillions/billion USD, and the data on the latest unemployment rate and report it. Report the latest data that you can find. You should mention the differences between the Nominal GDP and the Real GDP and mention which of them is inflation-adjusted and hence a better indicator of an economy's income and production. Next, find out the growth rate of real GDP - percentage change between two successive time periods (it can be between say quarter 1 of 2023 and 2022, or q3 of 2023 and 2013, it's up to you. It can also be the ten-year growth rate since 2013, or the growth rate for the past two years. There is no hard and fast rule, use the information that will help you build your narrative. Explain why it is important to track the changes in GDP (growth/downturn) - which is better - an increasing real GDP or a decreasing real GDP? Should an economy aim for a high growth rate of real GDP or a low growth rate? Data Sources: You may refer to the following data sources to write your paper: 1. Federal Reserve Economic Data, FRED, St. Louis Fed (GDP and Unemployment data) https://fred.stlouisfed.org/ 2. U.S. Bureau of Economic Analysis (GDP data) https://www.bea.gov/ 3. U.S. Bureau of Labor Statistics (Unemployment data) https://www.bls.gov/ You are encouraged to explore other data sources beyond the ones mentioned above