INSTRUCTIONS: You are to watch the two videos on YouTube (see below) related to Gross Domestic Product, Unemployment, and Business Cycle. After you are done watching the two videos, turn in the week’s assignment by answering the following questions thoroughly and in details. You may need to use other materials instead of just the information presented in the two videos. It is important to be as thorough as possible and be creative. Be sure to save your assignment prior to submitting it on Canvas. As a reminder, be sure to submit it before the assignment’s due date and time and do not submit it to me via regular e-mail. No exception! No late assignment will be accepted…….
The 8-point assignment must be typed and double-space. It is important you spend quality time in this assignment and be as thorough as possible because there will be no partial credit.
1. Definition of GDP and describe the four key components that make-up GDP
2. Under what 3 conditions would a country experience a higher GDP as mentioned in the videos?
3. What are the different types of unemployment as mentioned in the videos?
4. Under what economic condition would a country be in a “recession?”
5. Under what economic condition would a country be considered “fully employed?”
6. Define Economic Growth as mentioned in the videos?
7. Given the following macroeconomic data for the years 2014, 2015, and 2016; and using 2015 as a base-year:
2014 2015 2016
P Q P Q P Q
COFFEE $0.75 50 $0.95 75 $1.15 80
SHOES $15 60 $17 65 $20 70
Compute the rate of Real GDP growth rate between 2015 and 2016. All steps must be shown logically and there will be no partial credits for this mathematical problem.Gross Domestic Product – Economic Lowdown – YouTube Macro: Unit 1.4 — Unemployment – YouTube
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