Unit 2: Economic Indicators and Business Cycle

The economy of Millbrook produces only three goods. The table below shows the prices and quantities produced in the base year (2023) and the current year (2024).

The following data describe the labor market in the country of Belmont. • Working-age population: 200 million • Labor force: 150 million • Employed: 138 million • Frictionally unemployed: 3 million • Structurally unemployed: 4 million

Consumers in the country of Hargrove purchase a fixed market basket of goods. The total cost of the market basket in each year is shown below. Year 1 is the base year.

The economy of Thornbury has experienced the following conditions over the past six months: • Real GDP has declined for two consecutive quarters • The unemployment rate has risen from 4% to 7% • Consumer confidence has fallen sharply • Business inves

The following macroeconomic data are for the country of Zephyr.