PP_Slides_Class_23_Wednesday_April_9

PP_Slides_Class_23_Wednesday_April_9 - Good Morning! Class...

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Good Morning!! Class 23 Wednesday, April 9
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1. True or False. The final exam is cumulative. a. True b. False
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Final Exam Wednesday, April 30 8:00-10:00 PM 1281 Anthony 100 questions, similar to those on midterm
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The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 - ended federal guarantee of cash assistance for poor children - head of every welfare family must find work within 2 years or the family loses benefits - adults who receive welfare for 2 months must find jobs or perform community service
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- lifetime welfare benefits limited to 5 years - the law creates no new jobs, pays for no training programs, and makes no provision for additional free or low-cost day care facilities - idea is “work first,” the policy of putting people to work without detours through training and education
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4/4/08 LSJ “Cedar Fest …The worst came in 1986, when 4,000 revelers caused $24,000 in damage, equal to about $46,000 today.” How did they make this calculation?
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www.bea.gov (last available data 2007-IV) nom real GDP GDP GDP GDP defl defl 2000$ 2000$ 2007$ 1986 4,462.8 6,263.6 2007 13,841.3 11,566.8
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1. The GDP deflator 2000$ for 1986 is ___ and for 2007 is ____. a. 59.54 100.00 b. 83.57 59.54 c. 71.25 100.00 d. 71.25 119.66 e. 83.57 119.66
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3. The GDP deflator 2007$ for 1986 is ___ and for 2007 is ____. a. 59.54 100.00 b. 83.57 59.54 c. 71.25 100.00 d. 71.25 119.66 e. 83.57 119.66
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(4462.8 / 6263.6)*100 = 71.25 (13841.3 / 11566.8) *100 = 119.66 119.66 *.8357 = 100 71.25 * .8357 = 59.54 ($24,000 / 59.54) * 100 = $40,309
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www.bls.gov (last available data Feb 2008) CPI-U, all urban consumers, US city average, all items, 1982-84=100 1982-84$ Feb 2008$ Feb 1986 109.3 Feb 2008 211.693
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1. The CPI Feb 2008$ for Feb 1986 is ___ and for Feb 2008 is ____. a. 71.25 100.00 b. 51.63 100.00 c. 51.63 83.57 d. 83.57 119.66 e. 71.25 83.57
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(211.693 * .4724) = 100.00 (109.3 * .4724) = 51.63 ($24,000 / 51.63) * 100 = $46,484 about $46,000
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4/5/2008 LSJ unemployment rate December 2007 5.0% January 2008 4.9% February 2008 4.8% March 2008 5.1%
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employment rolls shrank – often a telltale sign that the economy has jolted dangerously into reverse…March’s losses were the most since the same month in 2003, when companies still were struggling to recover from the last recession…
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This note was uploaded on 04/28/2008 for the course ECON 202 taught by Professor Amsler during the Spring '08 term at Michigan State University.

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PP_Slides_Class_23_Wednesday_April_9 - Good Morning! Class...

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