NUMERICAL PROBLEMS
1. Here are some macroeconomic data for Canada for the years 2019 and 2020.
2019 2020
Output (constant $527 billion $500 billion
dollar GDP)
Employment 23.1 million workers 22.4 million workers
Unemployed 1.4 million workers 2.2 million workers
Total labor force 24.5 million workers 24.6 million
workers
Consumer Price 106.73 108.33
Index
Canada's output is real GDP measured in constant Canadian dollars.
Data are from the Federal Reserve Bank of St. Louis FRED database. Calculate each of the following macroeconomic variables for Canada, being sure to give units.a. Average labor productivity in 2019 and 2020.
b. The growth rate of average labor productivity between 2019 and 2020.
c. The unemployment rate in 2019 and 2020.
d. The inflation rate between 2019 and 2020.
2. In the FRED database, find data on nominal gross domestic product (a measure of total output), nominal exports, nominal imports, the Federal government's current receipts, and Federal government current expenditures for the past three calendar years.
a. Calculate the ratio of exports to GDP, the ratio of imports to GDP, and the ratio of the trade imbalance to GDP for the most recent three years. Is there any trend apparent in the data?
b. Calculate the ratio of Federal government receipts to GDP, the ratio of Federal government expenditures to GDP, and the ratio of the budget deficit to GDP, for the most recent three years. Is there any trend apparent in the data?
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