Econ 5050 Unit 2 Exercise 1

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Econ 5050 Dr. Neymotin DATA EXERCISE 2: Created by Dr. Florence Neymotin (Page 1 of 2) In this data exercise, you will be looking at the relationship between changes in real Gross Domestic Product and changes in unemployment rates for the various metropolitan areas in Florida. Notice that GDP is constructed at the metro-area level, so it is a bit different than what you have seen before for entire countries. This is an extremely important, and relatively simple, exercise to numerically determine how GDP and unemployment are related. To get a bit of background on what is happening at the national levels, and how pertinent these questions are, read: http://www.cnbc.com/id/101249335 You will need to proceed as follows: 1) Get data on changes in real GDP for all available time periods in Florida metro areas. Go to: http://www.bea.gov/iTable/iTable.cfm?reqid=70&step=1#reqid=70&step=1&isuri=1 and click on “Gross Domestic Product By Metro Area”, choose “Real GDP”, choose “All Industries”, select all metropolitan areas in Florida with the unit of measure as…show more content…
Make ONE new excel worksheet and place ALL of these scatterplots into it. You will be graphing changes in unemployment on the x-axis and % changes in real GDP on the y-axis. Title each table as “METRO AREA relationship” inserting the appropriate values for METRO AREA such as Tampa. Go ahead and insert a linear trendline into each chart (right click on the data points themselves to do this, and also insert the R-squared value as an option while leaving all other options to their default setting). You should have axes labeled, as well as the appropriate legends, and no “gridlines” visible in the chart so it looks cleaner. For the chart covering the entirety of the data, title it “Florida

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