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5. Summarize the behavior of U.S. federal government budget deficits and U.S. merchandise trade deficits since 1953. Does this behavior suggest a relationship between the two defi cits? Perhaps at some times and not at others?
4. Explain how inflation rate is calculated. Summarize the behavior of inflation rates during
the period from the 1980s onward.
3. There were several shifts in the output-inflation relationship over the 1953-2010 period. Explain the nature of these shifts.
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ment of these rates over this period more closely resemble those of the 1970s or those of the 1950s and 1960s?
1. Provide examples of the types of policy questions that macroeconomists ask. Why would macroeconomists disagree on these questions?
9. Suppose a worker's income was $15,000 in 1960 and $45,000 in 2010. Using the GDP deflator as a price index, calculate whether the worker's real income had increased or decreased over this period.
8. Explain the concept of potential output. Why is potential output difficult to measure?
What do you think is the most important indicator in the current targeting approach of inflation followed by the South African Reserve Bank (SARB)? How does the SARB monitor this indicator?
7. Explain the concept of chain-weighted real GDP. What problems with the previous measure
of real GDP led to the introduction of this new measure?
#339914 on Dec 2023