Essentials of Economics

570 Pages·2013·15.11 MB·English

by  Stanley L. Bruce, Campbell R. McConnell, Sean M. Flynn

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Relevant economic StatiSticS, United StateS, 1970–1990
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
1 Gross domestic product (billions of dollars) 1,038.5 1,127.1 1,238.3 1,382.7 1,500.0 1,638.3 1,825.3 2,030.9 2,294.7 2,563.3 2,789.5 3,128.4 3,255.0 3,536.7 3,933.2 4,220.3 4,462.8 4,739.5 5,103.8 5,484.4 5,803.1
2 Real gross domestic product (billions of 4,266.3 4,409.5 4,643.8 4,912.8 4,885.7 4,875.4 5,136.9 5,373.1 5,672.8 5,850.1 5,834.0 5,982.1 5,865.9 6,130.9 6,571.5 6,843.4 7,080.5 7,307.0 7,607.4 7,879.2 8,027.1
2005 dollars)
3 Economic growth rate (percent change in 0.2 3.4 5.3 5.8 0.5 0.2 5.3 4.6 5.6 3.2 0.2 2.5 1.9 4.5 7.2 4.1 3.5 3.4 4.1 3.5 1.9
real GDP)
4 Consumption expenditures (billions 648.5 701.9 770.6 852.4 933.4 1,034.4 1,151.9 1,278.6 1,428.5 1,592.2 1,757.1 1,941.1 2,077.3 2,290.6 2,503.3 2,720.3 2,899.7 3,100.2 3,353.6 3,598.5 3,839.9
of dollars)
5 Gross private domestic investment 152.4 178.2 207.6 244.5 249.4 230.2 292.0 361.3 438.0 492.9 479.3 572.4 517.2 564.3 735.6 736.2 746.5 785.0 821.6 874.9 861.0
(billions of dollars)
6 Government purchases (billions of dollars) 233.8 246.5 263.5 281.7 317.9 357.7 383.0 414.1 453.6 500.8 566.2 627.5 680.5 733.5 797.0 879.0 949.3 999.5 1,039.0 1,099.1 1,180.2
7 Rate of inflation (percent change in CPI) 5.7 4.4 3.2 6.2 11.0 9.1 5.8 6.5 7.6 11.3 13.5 10.3 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4
8 Money supply, M1 214.4 228.3 249.1 262.9 274.2 287.1 306.2 330.9 357.3 381.8 408.5 436.7 474.8 521.4 551.6 619.8 724.6 750.2 786.6 792.8 824.8
9 Federal funds interest rate (%) 7.17 4.67 4.44 8.74 10.51 5.82 5.05 5.54 7.91 11.20 13.35 16.39 12.24 9.09 10.23 8.10 6.80 6.66 7.57 9.21 8.10
10 Prime interest rate (%) 7.91 5.73 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.26 18.87 14.85 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01
11 Population (millions) 205.0 207.7 209.9 211.9 213.8 216.0 218.0 220.2 222.6 225.1 227.8 230.0 232.2 234.3 236.3 238.5 240.7 242.8 245.0 247.3 250.1
12 Immigration (thousands) 373.3 370.5 384.7 400.1 394.9 386.2 398.6 462.3 601.4 460.3 530.6 596.6 594.1 559.8 543.9 570.0 601.7 601.5 643.0 1,091.0 1,536.5
13 Labor force (millions) 82.8 84.4 87.0 89.4 91.9 93.8 96.2 99.0 102.3 105.0 106.9 108.7 110.2 111.6 113.5 115.5 117.8 119.9 121.7 123.9 125.8
14 Employment (millions) 78.7 79.4 82.2 85.1 86.8 85.8 88.8 92.0 96.0 98.8 99.3 100.4 99.5 100.8 105.0 107.2 109.6 112.4 115.0 117.3 118.8
15 Unemployment rate (%) 4.9 5.9 5.6 4.9 5.6 8.5 7.7 7.1 6.1 5.8 7.1 7.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.6
16 Federal budget surplus () or deficit () 2.8 23.0 23.4 14.9 6.1 53.7 73.7 53.7 59.2 40.7 73.8 79.0 128.0 207.8 185.4 212.3 221.2 149.7 155.2 152.6 221.1
17 Public debt (billions of dollars) 380.9 406.2 435.9 466.3 483.9 541.9 629.0 706.4 776.6 829.5 909.0 994.8 1,137.3 1,371.7 1,564.6 1,817.4 2,120.5 2,346.0 2,601.1 2,867.8 3,206.3
18 Price of crude oil (dollars per barrel) 3.39 3.60 2.85 4.75 9.25 12.21 13.10 14.40 14.95 25.10 37.42 35.75 31.83 29.08 28.75 26.92 14.44 17.75 14.87 18.33 23.19
19 Average hourly earnings, private 3.63 3.90 4.14 4.43 4.73 4.73 5.06 5.44 5.87 6.33 6.84 7.43 7.86 8.19 8.48 8.73 8.92 9.13 9.43 9.80 10.19
nonagricultiral industries (dollars)
20 Average weekly hours, private 37.0 36.8 36.9 36.9 36.4 36.0 36.1 35.9 35.8 36.6 35.2 35.2 34.7 34.9 35.1 34.9 34.7 34.7 34.6 34.5 34.3
nonagriculatural industries
21 After-tax manufacturing profits per dollar 4.0 4.1 4.3 4.7 5.5 4.6 5.4 5.3 5.4 5.7 4.8 4.7 3.5 4.1 4.6 3.8 3.7 4.9 5.9 4.9 3.9
of sales (cents)*
22 Industry research and development 17.6 17.8 19.0 20.7 22.2 23.5 26.1 28.9 32.2 37.1 43.2 43.2 57.2 63.7 73.1 82.4 85.9 90.2 94.9 99.9 107.4
expenditures (billions of dollars)
23 Net farm income (billions of dollars) 14.4 15.0 19.5 34.4 27.3 25.5 20.2 19.9 25.2 27.4 16.1 26.9 23.8 14.3 26.0 28.5 31.1 38.0 39.6 46.5 46.3
24 Federal minimum wage (dollars per hour) 1.60 1.60 1.60 1.60 2.00 2.10 2.30 2.30 2.65 2.90 3.10 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.80
25 Poverty rate (% of population) 12.6 12.5 11.9 11.1 11.2 12.3 11.8 11.6 11.4 11.7 13.0 14.0 15.0 15.2 14.4 14.0 13.6 13.4 13.0 12.8 13.5
26 Gini ratio for household income distribution** 0.394 0.396 0.401 0.397 0.395 0.397 0.398 0.402 0.402 0.404 0.403 0.406 0.412 0.414 0.415 0.419 0.425 0.426 0.427 0.431 0.428
27 Productivity growth, business sector (%) 2.0 4.1 3.2 3.0 1.6 3.5 3.1 1.7 1.1 0.0 0.2 2.1 0.8 3.6 2.7 2.3 3.0 0.6 1.5 1.0 2.0
28 Trade surplus () or deficit () (billions of dollars) 2.3 1.3 5.4 1.9 4.3 12.4 14.8 27.2 29.8 24.6 19.4 16.2 24.2 57.8 109.1 121.9 138.5 151.7 114.6 93.1 80.9
*Revised definition of this series beginning in 1973.
**Revised definitions have occurred within this series.
Sources: Bureau of Economic Analysis; Bureau of Labor Statistics; Economic Report of the President, 2012; U.S. Bureau of the Census;
Federal Reserve System; National Science Foundation; U.S. Citizenship and Immigration Services; U.S. Department of Energy.
ISBN: 9780073511450/0073511455 Front endsheets
Author: Brue, McConnell, Flynn Color: 4c
Title: Essentials of Economics, 3e Pages: 2,3
Relevant economic StatiSticS, United StateS, 1970–1990
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
1 Gross domestic product (billions of dollars) 1,038.5 1,127.1 1,238.3 1,382.7 1,500.0 1,638.3 1,825.3 2,030.9 2,294.7 2,563.3 2,789.5 3,128.4 3,255.0 3,536.7 3,933.2 4,220.3 4,462.8 4,739.5 5,103.8 5,484.4 5,803.1
2 Real gross domestic product (billions of 4,266.3 4,409.5 4,643.8 4,912.8 4,885.7 4,875.4 5,136.9 5,373.1 5,672.8 5,850.1 5,834.0 5,982.1 5,865.9 6,130.9 6,571.5 6,843.4 7,080.5 7,307.0 7,607.4 7,879.2 8,027.1
2005 dollars)
3 Economic growth rate (percent change in 0.2 3.4 5.3 5.8 0.5 0.2 5.3 4.6 5.6 3.2 0.2 2.5 1.9 4.5 7.2 4.1 3.5 3.4 4.1 3.5 1.9
real GDP)
4 Consumption expenditures (billions 648.5 701.9 770.6 852.4 933.4 1,034.4 1,151.9 1,278.6 1,428.5 1,592.2 1,757.1 1,941.1 2,077.3 2,290.6 2,503.3 2,720.3 2,899.7 3,100.2 3,353.6 3,598.5 3,839.9
of dollars)
5 Gross private domestic investment 152.4 178.2 207.6 244.5 249.4 230.2 292.0 361.3 438.0 492.9 479.3 572.4 517.2 564.3 735.6 736.2 746.5 785.0 821.6 874.9 861.0
(billions of dollars)
6 Government purchases (billions of dollars) 233.8 246.5 263.5 281.7 317.9 357.7 383.0 414.1 453.6 500.8 566.2 627.5 680.5 733.5 797.0 879.0 949.3 999.5 1,039.0 1,099.1 1,180.2
7 Rate of inflation (percent change in CPI) 5.7 4.4 3.2 6.2 11.0 9.1 5.8 6.5 7.6 11.3 13.5 10.3 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4
8 Money supply, M1 214.4 228.3 249.1 262.9 274.2 287.1 306.2 330.9 357.3 381.8 408.5 436.7 474.8 521.4 551.6 619.8 724.6 750.2 786.6 792.8 824.8
9 Federal funds interest rate (%) 7.17 4.67 4.44 8.74 10.51 5.82 5.05 5.54 7.91 11.20 13.35 16.39 12.24 9.09 10.23 8.10 6.80 6.66 7.57 9.21 8.10
10 Prime interest rate (%) 7.91 5.73 5.25 8.03 10.81 7.86 6.84 6.83 9.06 12.67 15.26 18.87 14.85 10.79 12.04 9.93 8.33 8.21 9.32 10.87 10.01
11 Population (millions) 205.0 207.7 209.9 211.9 213.8 216.0 218.0 220.2 222.6 225.1 227.8 230.0 232.2 234.3 236.3 238.5 240.7 242.8 245.0 247.3 250.1
12 Immigration (thousands) 373.3 370.5 384.7 400.1 394.9 386.2 398.6 462.3 601.4 460.3 530.6 596.6 594.1 559.8 543.9 570.0 601.7 601.5 643.0 1,091.0 1,536.5
13 Labor force (millions) 82.8 84.4 87.0 89.4 91.9 93.8 96.2 99.0 102.3 105.0 106.9 108.7 110.2 111.6 113.5 115.5 117.8 119.9 121.7 123.9 125.8
14 Employment (millions) 78.7 79.4 82.2 85.1 86.8 85.8 88.8 92.0 96.0 98.8 99.3 100.4 99.5 100.8 105.0 107.2 109.6 112.4 115.0 117.3 118.8
15 Unemployment rate (%) 4.9 5.9 5.6 4.9 5.6 8.5 7.7 7.1 6.1 5.8 7.1 7.6 9.7 9.6 7.5 7.2 7.0 6.2 5.5 5.3 5.6
16 Federal budget surplus () or deficit () 2.8 23.0 23.4 14.9 6.1 53.7 73.7 53.7 59.2 40.7 73.8 79.0 128.0 207.8 185.4 212.3 221.2 149.7 155.2 152.6 221.1
17 Public debt (billions of dollars) 380.9 406.2 435.9 466.3 483.9 541.9 629.0 706.4 776.6 829.5 909.0 994.8 1,137.3 1,371.7 1,564.6 1,817.4 2,120.5 2,346.0 2,601.1 2,867.8 3,206.3
18 Price of crude oil (dollars per barrel) 3.39 3.60 2.85 4.75 9.25 12.21 13.10 14.40 14.95 25.10 37.42 35.75 31.83 29.08 28.75 26.92 14.44 17.75 14.87 18.33 23.19
19 Average hourly earnings, private 3.63 3.90 4.14 4.43 4.73 4.73 5.06 5.44 5.87 6.33 6.84 7.43 7.86 8.19 8.48 8.73 8.92 9.13 9.43 9.80 10.19
nonagricultiral industries (dollars)
20 Average weekly hours, private 37.0 36.8 36.9 36.9 36.4 36.0 36.1 35.9 35.8 36.6 35.2 35.2 34.7 34.9 35.1 34.9 34.7 34.7 34.6 34.5 34.3
nonagriculatural industries
21 After-tax manufacturing profits per dollar 4.0 4.1 4.3 4.7 5.5 4.6 5.4 5.3 5.4 5.7 4.8 4.7 3.5 4.1 4.6 3.8 3.7 4.9 5.9 4.9 3.9
of sales (cents)*
22 Industry research and development 17.6 17.8 19.0 20.7 22.2 23.5 26.1 28.9 32.2 37.1 43.2 43.2 57.2 63.7 73.1 82.4 85.9 90.2 94.9 99.9 107.4
expenditures (billions of dollars)
23 Net farm income (billions of dollars) 14.4 15.0 19.5 34.4 27.3 25.5 20.2 19.9 25.2 27.4 16.1 26.9 23.8 14.3 26.0 28.5 31.1 38.0 39.6 46.5 46.3
24 Federal minimum wage (dollars per hour) 1.60 1.60 1.60 1.60 2.00 2.10 2.30 2.30 2.65 2.90 3.10 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.35 3.80
25 Poverty rate (% of population) 12.6 12.5 11.9 11.1 11.2 12.3 11.8 11.6 11.4 11.7 13.0 14.0 15.0 15.2 14.4 14.0 13.6 13.4 13.0 12.8 13.5
26 Gini ratio for household income distribution** 0.394 0.396 0.401 0.397 0.395 0.397 0.398 0.402 0.402 0.404 0.403 0.406 0.412 0.414 0.415 0.419 0.425 0.426 0.427 0.431 0.428
27 Productivity growth, business sector (%) 2.0 4.1 3.2 3.0 1.6 3.5 3.1 1.7 1.1 0.0 0.2 2.1 0.8 3.6 2.7 2.3 3.0 0.6 1.5 1.0 2.0
28 Trade surplus () or deficit () (billions of dollars) 2.3 1.3 5.4 1.9 4.3 12.4 14.8 27.2 29.8 24.6 19.4 16.2 24.2 57.8 109.1 121.9 138.5 151.7 114.6 93.1 80.9
*Revised definition of this series beginning in 1973.
**Revised definitions have occurred within this series.
Sources: Bureau of Economic Analysis; Bureau of Labor Statistics; Economic Report of the President, 2012; U.S. Bureau of the Census;
Federal Reserve System; National Science Foundation; U.S. Citizenship and Immigration Services; U.S. Department of Energy.
ISBN: 9780073511450/0073511455 Front endsheets
Author: Brue, McConnell, Flynn Color: 4c
Title: Essentials of Economics, 3e Pages: 2,3
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Author: Brue, McConnell, Flynn Color: 4c
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and Macroeconomics Pugel
Microeconomics and Behavior
Nineteenth Edition International Economics
Eighth Edition
Fifteenth Edition
Schiller
ADVANCED ECONOMICS
The Economy Today, The
Micro Economy Today, and Romer
The Macro Economy Today Advanced Macroeconomics
Thirteenth Edition Fourth Edition
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Essentials of
ECONOMICS
Third edition
Stanley L. Brue
Pacific Lutheran University
Campbell R. McConnell
University of Nebraska at Lincoln
Sean M. Flynn
Scripps College
With the special assistance of
Randy R. Grant
Linfield College