Macroeconomics + Economy 2009 Update 18th Edition by Campbell McConnell, Sean Masaki Flynn,Stanley Brue

Exercise 10

LAST WORD Go to the OPEC Web site, www.opec.org , and find the current "OPEC basket price" of oil. By clicking on that amount, you will find the annual prices of oil for the past 5 years. By what percentage is the current price higher or lower than 5 years ago Next, go to the Bureau of Economic Analysis Web site, www.bea.gov , and use the interactive feature to find U.S. real GDP for the past years. By what percentage is real GDP higher or lower than it was 5 years ago What if, anything, can you conclude about the relationship between the price of oil and the level of real GDP in the United States