Posted: December 5th, 2014

GDP and CPI

GDP and CPI

Order Description

Chapter 7 talks about GDP and CPI, and why the government would differentiate between nominal and real
measures of economic activity. In 2013, President Obama proposed changing the measure used to adjust tax
brackets and Social Security benefits to the “chained Consumer Price Index.” Read this article from US NEWS:
http://money.usnews.com/money/retirement/articles/2013/04/29/how-the-chained-cpi-affects-social-securitypayments
Write a short essay (no more than 2 pages) explaining:
1) what are real and nominal measures, and define CPI (an index that converts nominal measures to real
terms);
2) how chained CPI is different from regular CPI; which index (CPI or chained CPI) leads to smaller social
security payments;
3) discuss who benefits and who loses from this change, and why.

Writing Assignment

Chapter 7 talks about GDP and CPI,
and why the government would differentiate between nominal and real
measures of economic activity.
In 2013,
President Obama proposed changing the measure used to adjust tax
brackets and Social Security benefits to the “chained Consumer Price Index.” Read th
is article
from US NEWS
:
http://money.usnews.com/money/retirement/articles/2013/04/29/how
–
the
–
chained
–
cpi
–
affects
–
social
–
security
–
payments
Write a short essay (no more than 2
page
s
) explaining
:
1)
what are real and nominal measures, and
define CPI (an index that converts nominal measures to real
terms)
;
2)
how chained CPI is different from regular CPI
;
which index (CPI or chained CPI) leads to smaller social
security payments;
3)
discuss
who benefits and who loses from this change
, and why.
Grading Rubric
Your essay will be assessed as either “Meets expecta
tions” or “Needs improvement”.
If your essay
needs improvement, you will be given feedback from NetTutor to help you revise it. You
have one week
from the time NetTutor returns your essay t
o re
–
submit the revised essay to NetTutor for another try,
but you only get one sec
ond chance. Check your NetTutor
account frequently after submission so you
see their feedback as soon as possible.
Below are the criteria your essay will be judged against.
If your final paper meets expectations in both categories
you will receive full credit. If your final essay fails to meet expectations in any or all categories you will receive
partial credit. You will receive no credit
only if you do not submit any essay
to NetTutor
.
Your essay should be no longer than 2 pages long, with 12 point font and standard margins. It must be a format
readable by MSWORD, so doc or rtf. Here are the criteria your essay will be judged against:
Criterion
Needs improvement
Meets expec
tations
Writing
(
50%
)
The writing is difficult to follow and/or
poorly organized. Transition sentences are
absent or ineffective. Typos and/or
grammatical errors distract the reader.
Ideas are well
–
organized. Transition
sentences
e
ff
ectively
connect one idea
to the next. The essay is free of typos
and grammatical errors.
Economic
analysis
(
50%
)
Real and nominal measures of the
economy are incorrectly differentiated.
The difference between the regular and
Chained CPI is not clearly exp
ressed.
Winners and losers of the policy change
are not identified.
Real and nomina
l measures of the
economy are
correctly differentiated.
The difference between the regular and
Chained CPI is clearly expressed.
Winners and losers of the policy change
are
identified.

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