Macro Data Worksheet Economics

Description This Macro Data Quest worksheet assignment is directly linked to an important Learning Outcome and core competence for students taking Principles of Economics today (see worksheet below and in the syllabus). Using key macro data students will be able to access credible sources of economic statistics, collect and interpret the data, use it describe and analyze the economy in quantitative terms, and present the information to an audience. Key chapters for coverage of background information: 1. Pages from chapters 40 & 41 to cover introduction to the “The United States in the Global Economy”, as follows: Chapter 40 (pages 806 – 807 and pages 817 – 825 only) & Chapter 41 (pages 834 – 840 only). 2. Chapters 27, 28, 29, 30, & 33. Periodic Compilation & Classroom Discussion of Data in the Process of the Project As the course progresses students are able to practice economics by compiling and discussing the relevance of various macro measures and detecting trends in the global economy. For example, assume that you have been hired as a consultant by a big Multinational Corporation to create a country profile to determine the riskiness of a large investment in that particular country. In this phase of the project, pick a country of your choice and complete the worksheet below during the course of the semester and coverage of the relevant chapters identified above. Turn in the worksheet here by the stated deadline. Hold on to a copy of the worksheet and the knowledge generated in the process of compiling the data. You will need them for the second phase of this project, as indicated on the assignments page. Please note that credit for this assignment will be based on the quality (substance, depth, grammar, etc.) and originality of your work. As such your submission must be reasonable and coherent, showing that you have put considerable thought into the matter, as informed by your reading of the chapter covered here and associated other information sources. WORK SHEET Key Macro Data Worksheet (table is also in the syllabus) Important Macro Data Country of your choice USA Real GDP (in billions of U.S. $) Population (in millions) Real GDP growth rate during the past year (latest figure available) Real GDP Per-capita Real GDP Per-capita growth rate during the past year (latest figure available) Unemployment rate during the past year (latest figure available) Consumer Inflation rate (latest figure available) Government Debt to GDP ratio (%) Interest Payments on government debt (% of GDP) Exports of goods and services (% of GDP) Imports of goods and services (% of GDP) Merchandise Trade Balance (% of GDP) Real GDP per hour worked (labor productivity) Pick one other interesting statistic of your choice. Examples: Corruption rank, Exchange rate against U.S.$ Military expenditures (% of GDP), Corporate tax rate, Personal income tax rate, Sales tax rate. Suggested Sources and Useful Resources for Completing the Worksheet 1. Trading Economics has a variety economic indicators, historical data and forecasts for 196 countries: http://www.tradingeconomics.com/ 2. The Central Intelligence Agency’s, The World Fact Book, (https://www.cia.gov/library/publications/the-world-factbook/rankorder/rankorderguide.html) is a useful source for basic information about virtually any country. 3. The World Bank website has economic data (“At a Glance” and “Key Statistics”) for most countries. Students may want to print out the “Country at a Glance” tables for their country: http://www.worldbank.org/en/country 4. The International Monetary Fund publishes a World Economic Outlook Data Base with data on national accounts, inflation, unemployment rates, balance of payments, fiscal indicators, trade for countries and country groups), and commodity prices: http://www.imf.org/external/pubs/ft/weo/2014/02/weodata/index.aspx 5. The Organization for Economic Co-operation and Development (OECD publishes Country statistical profiles: Key tables from OECD: http://www.oecd-ilibrary.org/economics/country-statistical-profiles-key-tables-from-oecd_20752288 for countries that are members of the OECD The Key tables from OECD include a wide range of indicators on the economy and other social measures. The Organization for Economic Co-operation and Development (OECD) also tracks data on the annual growth rate of real GDP per hour worked. Students can find these data on the OECD data webpage “GDP per hour worked” at this URL: https://data.oecd.org/lprdty/gdp-per-hour-worked.htm 5. Additional Resources: 1. The Observatory of Economic Complexity : OEC http://atlas.media.mit.edu/en/This online resource has been developed by the MIT Media Lab to present international trade data and economic complexity indicators in a visual manner: http://atlas.media.mit.edu/en/profile/country/

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