Macroeconomics 74 Unit 2 Practice Sheet Part 1: GDP Practice- identity it each is an example of comuneer wending (C. Ieshoard sending (0. government spending (G), net exports Of, or not counted (NC) in the US ODP for the year 2020 A Canadian company buys an airplane from the American company Boeing You purchase an online video game from an American company Instagram buys new desks for its employees 4. An American buys shoes from italy 5. You buy a new home that is build in 2020 6. 7 The government issues a $500 Social Security check to your grandma Your cousin spends $1000 for rent for an apartment Your brother buys a 2010 Toyota truck at a local dealership Part 2: Unemployment Practice- Answer the question. When possible, show your work The nation of Macrostan has a population of 400 million people that are above 16 years old. Currently, 250 million people have full time jobs and another 35 million people have part time jobs. Of the 30 million people that would like a job but are not currently employed, 15 million are actively engaged in searching for a job while 15 million have given up looking for a job. 9. How many people are currently in the labor force of Macrostan? 10, Calculate the labor force participation rate. Show your work. 11. What is the total number of people counted as unemployed? 12. Calculate the unemployment rate. Show your work. 13. Suppose that the 15 million people that gave up looking for a job suddenly decide to start looking. What would be the total number of people unemployed and the total number in the labor force? 14. If the economy of Macrostan experiences a recession, which type(s) of unemployment exist? 15. During a recession would the unemployment rate be greater than, less than, or equal to the natural rate of unemployment? Explain. Part 3: Inflation Practice- Fill out the blanks in the chart below. Calculate the inflation rate between each year and the CPI for each year using 2017 as the base year. Year Basket Price Inflation Rate CPI 16. 2015 $16 N/A 17. 2016 50 18. 2017 (Base Year) $40 19 2018 25% 20 2019 $56 Copyright Jacob Clifford 2020. Ultimate Review Packet Teachers- Do NOT use this in your classroom. Contact me if you want to use this resource with your students