Unit 3 Assignment Template: Long-Run Economic Growth Name: ______________ BU204

Unit 3 Assignment Template: Long-Run Economic Growth
Name: ______________
BU204 Section Number: ____
Date: ______________
It is strongly recommended that you complete the Unit 3 Learning Activity after completing all the unit readings and before beginning your assignment. This will help you practice important concepts related to skills needed for the assignment.
General Instructions for all Assignments
1. Unless specified differently by your course instructor, save this assignment template to your computer with the following file naming format:
Course number_section number_Last name_First name_Unit number.
Example: BU204_Section02_David_Alex_Unit1
2. At the top of the template, insert: Your Name, Course Number and Section (BU204 – Section 0x), and the Date.
3. Insert your answers below each question or in the appropriate space provided for in the question. Respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.
4. Your answers should
a. follow current APA format with citations to your sources,
b. include a list of references at the bottom of your last page,
c. be in Standard English with correct spelling, punctuation, grammar, and style,
d. be double-spaced,
e. be formatted in Times New Roman,12-point, black font, and
f. respond to questions in a thorough manner, providing specific examples of concepts, topics, definitions, and other elements asked for in the questions.
5. Upload the completed assignment to the appropriate unit Dropbox.
6. Direct any questions about the assignment to your course instructor.
Assignment
This assignment addresses how economists measure various nations’ economies using measures such as Gross Domestic Product (GDP). In this assignment, you will explore how to measure cost-of-living changes and the rate of unemployment in the economy.
This assignment assesses your knowledge on the following Course Outcome:
BU204-2: Examine macroeconomic aggregate indicators, such as the GDP, inflation rate, unemployment rate, and their implications on the national economy.
1. Using the procedures described in the Unit 3 learning activity and listed in the World Bank Research Steps document, collect the data requested below from the World Bank for the year of 2000 and for the year of 2015.
a) Selecting Canada and China, download AND LIST the following data from the World Bank, in an Excel spreadsheet, for both the year ending 2000 and the year ending 2015:
i) Industry (including construction), value added (% of GDP)
ii) GDP (constant 2015 US$)
iii) GDP per capita (constant 2015 US$)
iv) Population, total
v) Employment in agriculture (% of total employment) (modeled ILO estimate)
vi) Employment in industry (% of total employment) (modeled ILO estimate)
vii) Employment in services (% of total employment) (modeled ILO estimate)
viii) Employment to population ratio, over 15 years of age total percentage.
ix) Land area (sq. km)
(Enter response here.)
b) For each country, calculate the percentage differences between the year 2000 and the year 2015 for each set of data.
(Enter response here.)
c) Calculate the percentage difference between Canada and China for the year 2015 for each of the data elements.
(Enter response here.)
2. In a 400–500-word essay and using at least one outside source, explain WHY you think these values in the data for question 1 differ between the two countries? How does long-run economic growth operate differently between these two countries.
(Enter response here.)
3) Imagine a simple economy where people consume only two goods, food and clothing, as shown in the table below. Further, assume that the market basket of goods used to compute the CPI consists of 100 units of food and 20 units of clothing.
Yearly Price per Unit Food Clothing
2004 price per unit $8 $20
2005 price per unit $12 $40
a. Compute the percentage changes in the price of food and the percentage change in the price of clothing between 2004 and 2005.
(Enter response here.)
b. Calculate the percentage change in the CPI between 2004 and 2005.
(Enter response here.)
c. Do you think the CPI price changes affect all consumers in the economy to the same extent? If not, how do you determine who “wins” and who “loses” in this situation? Explain why these differences would exist.
(Enter response here.)
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References:
Author. (Date.) Title. Source.
Directions for Submitting Your Assignment
Before you submit your assignment, you should save your work on your computer and use the correct filename that is specified in item 1 of the General Instructions for all assignments. When you are ready, submit to the Unit 3 Assignment Dropbox.