When economists think about history, fluctuations often stand out--oil shocks an

Question

When economists think about history, fluctuations often stand out--oil shocks and stagflation in the 1970s, a recession followed by a long expansion in the 1980s, a recession followed by an extraordinary low-unemployment, low-inflation boom in the 1990s.

Go the Web site of the Bureau of Economic Analysis (www.bea.gov) and retrieve the quarterly revision of NIPA Table 1.1.6, real GDP in chained (2005) dollars. Get real GDP for the fourth quarter of 1959, 1969, 1979, 1989, 1999, 2000, and 2010 as well as for the fourth quarter of the most recent year available.

Once this data is obtained, answer the following questions:

Using the real GDP numbers for 1959 and 1969, calculate the decadal growth rate of real GDP for the 1960s. Do the same for the 1970s, 1980s, 1990s, and the 2000s and for the available years of the most recent decade.

How does growth in the 1970s compare to growth in the later decades? How does growth in the 1960s compare to the later decades? Which decade looks most unusual?

Please I do not need the definition of Macroeconomics. I need help finding the solution to this question if it is feasible. Show me in steps so I can understand how to calculate the decadal growth.

Explanation / Answer

Median income levels Households Persons, age 25 or older with earnings Household income by race All households Dual earner households Per household member Males Females Both sexes Asian White, non-hispanic Hispanic Black $46,326 $67,348 $23,535 $39,403 $26,507 $32,140 $57,518 $48,977 $34,241 $30,134 Median personal income by educational attainment Measure Some High School High school graduate Some college Associate's degree Bachelor's degree or higher Bachelor's degree Master's degree Professional degree Doctorate degree Persons, age 25+ w/ earnings $20,321 $26,505 $31,054 $35,009 $49,303 $43,143 $52,390 $82,473 $70,853 Male, age 25+ w/ earnings $24,192 $32,085 $39,150 $42,382 $60,493 $52,265 $67,123 $100,000 $78,324 Female, age 25+ w/ earnings $15,073 $21,117 $25,185 $29,510 $40,483 $36,532 $45,730 $66,055 $54,666 Persons, age 25+, employed full-time $25,039 $31,539 $37,135 $40,588 $56,078 $50,944 $61,273 $100,000 $79,401 Household $22,718 $36,835 $45,854 $51,970 $73,446 $68,728 $78,541 $100,000 $96,830 Household income distribution Bottom 10% Bottom 20% Bottom 25% Middle 33% Middle 20% Top 25% Top 20% Top 5% Top 1.5% Top 1% $0 to $10,500 $0 to $18,500 $0 to $22,500 $30,000 to $62,500 $35,000 to $55,000 $77,500 and up $92,000 and up $167,000 and up $250,000 and up $350,000 and up

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