Tools of Economic Analysis Assignment: The purpose of this assignment is to expose students to the basic tools of economic analysis (tables, graphs, and models), and make sure they know when and how best to use these tools.
Economic Growth and Development in America (1967 â€“ date)
From the links below, gather in excel all relevant annual data for the unemployment rate, population, Nominal GDP, Real GDP growth rate, Inflation rate, and GDP deflator.
- Nominal GDP (Links to an external site.)
- GDP Deflator (Links to an external site.)
- Unemployment rate (Links to an external site.)
- Population (Links to an external site.)
- GDP growth rate (Links to an external site.)
- From your collected data, use excel to compute the
- Nominal GDP per capita
- Real GDP
- Real GDP per capita
- Population growth rate
- Inflation rate
- In separate graphs on a new excel sheet (not document) show the relationship between these variables
- Unemployment rate and REAL GDP growth rate
- Inflation rate, and NOMINAL GDP growth rate
- Nominal GDP and real GDP (both in billions)
- Population (in thousands) and Real GDP (in billions)
- Population growth rate and unemployment rate
Your downloads and computations should be in excel. Your excel document must have 2 sheets. Sheet 1 should have the table of data for all the years and and the computed variables and sheet 2 should contain each of the 4 graphs in question 2.
- Answer this question in your MLA formatted word document file. Build a simple economic model that shows the relationship between, the following variables based on your observation from questions 1 & 2 above: Nominal GDP, Inflation, Unemployment rate, and population. Explain the reason and assumptions behind your model and the hypothesis your model is intended to test if it were to be analyzed.
Neatly copy your graphs into Microsoft word and give detailed report on each graph. Talking about the relationships among the various macroeconomic variables and their importance and usefulness in economics and policy decision making. Your work should be correctly formatted in MLA and do not forget to cite all sources of data and information used.
Upload and submit both word and excel documents.