Consider the following table: Group # in Millions Work-eligible population 205 Not in labor force 53 Employed 135 Unemployed 17 Calculate the unemployment rate and the labor force participation rate. Round your answers to the nearest tenth. Unemployment rate = % Labor Force Participation Rate = %

Real GDP uses current prices.

If your spouse or partner cuts your hair, the value of the service produced __________ counted GDP. If you go to a barber or hair salon to get your hair cut, the value of the service produced ___________ counted in GDP.

EXTRA CREDIT: According to the NY Times article, how much did the US economy grow by in the fourth quarter? How much did the US economy grow from the end of 2023 to the end of 2024?

Consider the above table, 2023 World Bank GDP. Given that the base year for the price level calculation is 2015, what can we conclude about how prices have changed in these countries over the last 8 years? What can we conclude about the different living standards in each of these countries?

(FRED Median Income and BLS CPI) In 2006, the median household income in the US was $48,200. Today the median household income is $80,610. If the CPI in 2006 was 201.8 and the CPI today is 315.605, calculate the inflation-adjusted median household income from 2006 in today’s dollars. Round your answers to the nearest cent. Has the real median household income increased, decreased, or stayed the same since 2006? Median Household Income2006 in today’s dollars = $ The real median household income has since 2006.

Inflation is not a problem if it creates uncertainty over future prices (along with other possible deleterious effects).

The reason economists measure the total output of an economy is to measure the overall level of prices. 

Government salaries paid to police officers are included in the __________ category of GDP.

Consider the above table, 2023 World Bank GDP for the United States. What can we conclude about economic growth in the United States for the last 17 years?