This assignment addresses how economists measure various nations' economies using measures such as Gross Domestic Product (GDP). In this assignment, you will explore how to measure cost-of-living changes and the rate of unemployment in the economy.

assesses your knowledge on the following Course Outcome:

BU204-2: Examine macroeconomic aggregate indicators, such as the GDP, inflation rate, unemployment rate, and their implications on the national economy.

1. Listed in theWorld Bank Research Steps document, collect the data requested below from the World Bank for the year of 2000 and for the year of 2015.

1. Selecting Canada and China, download AND LIST the following data from the World Bank, in an Excel spreadsheet, for both the year ending 2000 and the year ending 2015:

1. Industry (including construction), value added (% of GDP)
2. GDP (constant 2015 US$)
3. GDP per capita (constant 2015 US$)
4. Population, total
5. Employment in agriculture (% of total employment) (modeled ILO estimate)
6. Employment in industry (% of total employment) (modeled ILO estimate)
7. Employment in services (% of total employment) (modeled ILO estimate)
8. Employment to population ratio, over 15 years of age total percentage.
9. Land area (sq. km)

(Enter response here.)

1. For each country, calculate the percentage differences between the year 2000 and the year 2015 for each set of data.

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1. Calculate the percentage difference between Canada and China for the year 2015for each of the data elements.

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2. explain WHY you think these valuesin the data for question 1 differ between the two countries? How does long-run economic growth operate differently between these two countries.

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3) Imagine a simple economy where people consume only two goods, food and clothing, as shown in the table below. Further, assume that the market basket of goods used to compute the CPI consists of 100 units of food and 20 units of clothing.

a. Compute the percentage changes in the price of food and the percentage change in the price of clothing between 2004 and 2005.

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b. Calculate the percentage change in the CPI between 2004 and 2005.

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c. Do you think the CPI price changes affect all consumers in the economy to the same extent? If not, how do you determine who "wins" and who "loses" in this situation? Explain why these differences would exist.

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