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CHAPTER

2

The Data of Macroeconomics

Questions for Review
1. GDP measures both the total income of everyone in the economy and the total expenditure on the economy¡¯s output of goods and services. GDP can measure two things at once because both are really the same thing: for an economy as a whole, income must equal expenditure. As the circular flow diagram in the text illustrates, these are alternative, equivalent ways of measuring the flow of dollars in the economy. 2. The consumer price index measures the overall level of prices in the economy. It tells us the price of a fixed basket of goods relative to the price of the same basket in the base year. 3. The Bureau of Labor Statistics classifies each person into one of the following three categories: employed, unemployed, or not in the labor force. The unemployment rate, which is the percentage of the labor force that is unemployed, is computed as follows: Unemployment Rate ¡ë Number of Unemployed ¡¿ 100 Labor Force .

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