This question is easier than it looks. Start by answering th…

This question is easier than it looks. Start by answering the questions you know. There are 11 small bite sized questions and I know you know some of them. Take your time and think about each question and you read it. In an in-person class if a student had left this question blank I would ask them to take another look to see if they could earn just a few more points. We are online so if you have left this question blank please take another look at these questions to see if you can earn a few more points (It’s easier than it looks).  Every Point Counts.  Application of Inflation, GDP, Income, Employment, AS, AD, Monetary and Fiscal Policy analysis all in one.   Your nominal wages are 20,000 a year. The labor force is 2.5 million and is unchanged by the oil shock. Before the oil shock the price level was _________ and GDP was __________. The economy has been shaken by a sharp increase in the price of crude oil. Because of this oil shock the economy has moved away from its full employment level of GDP and is experiencing a 1 percent increase in the unemployment rate. The BLS released a report stating that the unemployment rate at the new equilibrium is now at 5%. Show calculations whenever possible.    (a) Before the oil shock the price level was _________ and GDP was __________.    (b) Estimate the CPI index in the base year.   (c) How much would a basket of goods that cost $5,000 in the base year cost if the CPI is 120?   (d) What is the unemployment rate in this question if the economy is operating at full employment?   (e) Estimate the # of unemployed in the economy at the full employment level of GDP.   (f) What type of workers do we expect to be unemployed at full employment?   (g) How will this oil shock to the economy effect GDP and the Price Level? Draw the new equilibrium after the oil shock and label the new Price Level and GDP (this is not a random calculation, there is an exact GDP value that can be calculated using the information in this assignment—the Price Level cannot be calculated in this question).   (h) How will this oil shock to the economy affect the Price Level?   (i) How will this change in the Price Level affect your real income?   (j) Estimate the # of unemployed in the economy at the 5 percent unemployment rate.   (k) Explain the three main categories of unemployment present when the economy is operating at a 5 % unemployment rate.  

I am aware that I must do the following to take the final ex…

I am aware that I must do the following to take the final exam: after answering this question, and without closing this quiz. I will open a new web browser in Chrome and enter www.scorebuilders.com From there I will click LOGIN, then ONLINE ADVANTAGE, then SIGN IN using the provided username and password (feel free to write these instructions down). AFTER FINISHING THE EXAM WITHIN SCOREBUILDERS, I understand that I must return to this quiz in D2L within the allotted time and answer one final question, then click SUBMIT within D2L. 

The password for your online exam is: winterThe link for the…

The password for your online exam is: winterThe link for the online exam is in the Step 1 folder; you should have opened it in a new tab before you begin this test.Instructions:Before you begin your exam, hold up all sheets of paper you will be using to the camera to show that there is nothing written on it. If your instructor allows the use of formula sheets or a handheld calculator, please hold these up to the camera as well.Enter the password found above into the online exam tab open in Step 1 and complete the exam. Once completed, hold up each completed sheet of paper to the camera.Answer the Yes/No question below and proceed to the next question.DO NOT SUBMIT OR CLOSE YOUR TEST before answering all the questions.Question:I have completed and submitted my online exam, and I have held up all my sheets of paper (front and back) to record an image of them on the camera.

For 0.5 points What is your favorite “fun fact” ( a piece of…

For 0.5 points What is your favorite “fun fact” ( a piece of information that you found surprising, enjoyable, or particularly interesting) that you learned this semester, and why do you think that it is interesting? In which lecture did you find this information?  Extra credit only applies to scores under 100%