Obtain data on key macroeconomic indicators of the Australian and the US economies: real GDP, unemployment rate,
Question:
Obtain data on key macroeconomic indicators of the Australian and the US economies: real GDP, unemployment rate, the budget balance (i.e., deficit/surplus), and inflation rate from 2004 - 2021 and use graphs, tables, and statistical summaries to answer the following questions:
1. Evaluate the movement of real GDP in Australia and the US, from 2004 to 2021. The analysis must include the relative size of the Australian economy relative to the US economy. In addition, identify the country that better withstood the negative impact of the COVID-19 pandemic.
2. Evaluate movement of the budget balance (i.e., deficit/surplus) in Australia and the US, from 2004 to 2021. The analysis must include the relative size of Australia's budget balance relative to the budget balance in US.
3. Evaluate the relationship between the budget balance and unemployment rate in Australia and the US, from 2004 to 2021. In which country is the relationship between the budget balance and unemployment rate stronger?