Question

1. What is the current rate of unemployment in the U.S.? How does the rate of unemployment in Illinois compare to the national average?
2. What is the inflation rate in the U.S. Has it increased or decreased in the past 12 months. What does this indicate about the economy in general?
3. Review Chapter 8 lecture notes on GDP. Test your understanding. What is the real GDP for 2011? If you answered the same as nominal GDP for 2011 than you are correct. Remember, for the base year, Real GDP and Nominal GDP will always be the same. [for more detail refer to tables in textbook and on the www.bls.gov site). If 2011 is base year and you have inflation of 3.0 % in 2012, what is the GDP for 2012.
What is the price index for 2012?

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1. What is the current rate of unemployment in the U.S.? How does the rate of unemployment in Illinois compare to the national average?
The official national average rate of unemployment in the US in Nov 2015 is 5% (Mathews, 2015) and that of the Illinois state is 5.9% in Dec 2015 (Rates, 2015). The unemployment rate varies across various states and there is high variance between the unemployment rate across states with mere 2.7% in North Dakota and 6.7% in New Mexico....

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