Suppose that a spike in the price of gasoline is due to inflation but is misinterpreted by suppliers as an increase in demand, leading to overproduction on gasoline. This would be an example of a ___________ problem.

(Table: World Bank GDP for the United States) Consider the following table. Fill in the blanks, round your answers to the nearest hundredth.  Year Real GDP (Millions) Economic Growth 2013 $17,329,814.71 – 2014 $17,726,282.04 % 2015 $18,206,020.74 % 2016 $18,509,601.05 % 2017 $18,924,571.73 % 2018 $19,481,973.19 2.95% 2019 $19,928,975.20 2.29% 2020 19,377,380.52 -2.77% 2021 $20,529,459.73 5.95% 2022 $20,926,835.05 1.94%

EXTRA CREDIT: According to the Wall Street Journal article “Why America Has a Long-Term Labor Crisis, in Six Charts”, what are the factors contributing to the labor shortage?

Dell is an American computer manufacturer with a factory in Brazil. The value of Dell’s production in Brazil is included

Suppose a typical consumer’s “basket” consists of 5 bottles of gatorade, 2 pairs of shoes, and 2 books. Fill in the blanks. Use 2019 as the base year. Round your answers to the nearest cent (or hundredth). Year PGatorade PShoes PBooks Price of Basket CPI Inflation 2018 $1 $45 $20 $ 90 – 2019 $2 $50 $20 $150 11.11% 2020 $2.50 $50 $15 $142.50 % 2021 $3 $60 $12 $159 106 2022 $4 $70 $9 $ 11.95%

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?