Assignment
Part One:
Assume the United States has a potential GDP of approximately $20.6 trillion. Use economic indicators from the last eight quarters to make a determination about the state of the economy, whether the U.S is in a recession, expansion or macroeconomic equilibrium. You must explain and support your answer with information you have researched and learned during the semester. Any research that is used must be cited in the paper. This information should include the following:
• Real GDP
• Unemployment rate
• Labor Force Participation rate
• Inflation rate
Part Two:
Draw a graph (AD-AS w/LRAS) showing the economic situation you have stated in Part One. The graph should be clearly labeled. Include a paragraph which describes the graph. Bar graphs, circle graphs and the PPF are not appropriate graphs for this part.
And the details are
There are many websites that provide information on economic data. Below are just a few names:
Websites:
• The Economist
• Bureau of Labor Statistics
• U.S. Bureau of Economic Analysis
• The Federal Reserve
• Trading Economics
Format:
• The paper be must be a typed, double spaced, with 1 inch margins. The font must be Times New Roman, 12 pt.
• Sources should be cited using MLA format
• Research should be conducted from scholarly cites, NO Wikipedia.
• The total length of the paper should be a minimum of two pages and no more than 5.
• Graphs can be hand drawn, scanned and uploaded OR cut and pasted from Excel. Photographs of the graphs is not acceptable. In the case of hand drawn, the lines must be straight.
Graphs can be hand drawn, scanned and uploaded OR cut and pasted from Excel.