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 $[basket18] 90 – 2019 $2 $50 $20 $150 [cpi19] 11.11% 2020 $2.50 $50 $15 $142.50 [cpi20] [inflation20]% 2021 $3 $60 $12 $159 106 [inflation21] 2022 $4 $70 $9 $[basket22] [cpi22] 11.95%

Inflation creates uncertainty because real interest rates, prices, and wages are unknown.

(Table: 2022 World Bank GDP) Consider the following table. Fill in the blanks, round your answers to the nearest cent (or hundredth).  NominalGDP(Millions) RealGDP(Millions) PriceLevel Population(Thousands) Real GDPper capita United States $25,439,700 $20,926,835.05 121.56 333,287.56 $62,789.13 China $17,963,171.48 $[chinargdp] 110.03 1,412,175.00 $11,560.24 Luxembourg $81,641.81 $71,655.15 113.94 653.10 $[luxembourggdpperc] Singapore $466,788.43 $379,708.62 122.93 5,637.02 $67,359.81 Greece $217,581.32 $[greecergdp] 102.86 10,426.92 $20,287.72 Peru $242,631.57 $223,193.72 [perupl] 34,049.59 $[perugdpperc]

When an unemployed worker receives a payment from the government as a result of being unemployed, it is included in ___________ category of GDP.

Yamuk works as an architect in Kansas. The demand for architects starts to decline as the firm’s profits begin to decrease during a recession. As a result, Yamuk is laid off. Yamuk would be considered

During times of high inflation, people tend to hold less money and make more trips to the bank for withdrawals. The extra fuel and time needed to make these trips are examples of

The market for eggs experiencing rising prices suggests inflation in the economy. 

The government increasing the number of weeks an unemployed worker can collect unemployment insurance payments would likely increase cyclical unemployment.

(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) EconomicGrowth 2006 $15,992,063.82 2.78% 2007 $16,312,522.12 2.00% 2008 $16,331,051.07 [growth2008]% 2009 $15,910,281.50 [growth2009]% 2010 $16,339,094.22 [growth2010]% 2011 $16,594,704.13 [growth2011]% 2012 $16,974,575.73 2.30% 2013 $17,329,814.71 2.09% 2014 $17,726,282.04 2.29% 2015 $18,206,020.74 2.71% 2016 $18,509,601.05 1.67% 2017 $18,924,571.73 2.24% 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% 2023 $22,062,578.28 [growth2023]%  

The velocity of money is the number of times per year a unit of money changes hands.