Question

Here is some data of real PC GDP in the US. Calculate the actual average growth...

  1. Here is some data of real PC GDP in the US. Calculate the actual average growth rates for each decade. Is there a significant difference between the two periods?

                              1970                     $20,915

1980   $ 25,675

                              1990                     $32,157

                              2000                     $39,750

                              2010                     $42,189

Briefly discuss three macroeconomic issues that have been in the news recently. Find articles from newspapers or the internet that discuss these issues.

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Answer #1

Growth rate between 1970 to 1980=22. 75 percent

Growth rate between 1980 to 1990= 25.24 percent

Growth rate between 1990 to 2000= 23.71 percent

Growth rate between 2000 to 2010= 6.13 percent

Average growth rate = 19.45 percent.

Thus there is drastic decline in decade growth from 2000 to 2010 due to the Great recession of 2008 where bankruptcy was declared due to subprime mortgage crisis and highest unemployment number were recorded which led to decreased national income and consumption and thus aggregate demand curves shifts leftwards causing real GDP to plunge massively.

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