The consensus forecasts, along with recent historical data, are presented below. All numbers are annual figures. For example, the unemployment rate in any year is the average of the monthly unemployment rates across all 12 months of that year.

	2020 Actual	2021 Actual	2022 Forecast	2023 Forecast	2024 Forecast
Real GDP Change	-3.4%	5.7%	2.5%	2.3%	2.0%
Unemployment Rate	8.1%	5.4%	3.7%	3.6%	3.8%
Consumer Inflation	1.2%	6.7%	6.1%	2.9%	2.3%

A. What does the percent change in real GDP measure? What additional information would you need to determine whether real GDP per person is projected to increase?

B. How is the unemployment rate calculated? Does the 5.4% unemployment rate in 2021 mean that the other 94.6% of working-age adults were employed? (4 points)

C. What does consumer inflation measure? How is consumer price inflation calculated? Based on these data, are the forecasters predicting a recession? Why or why not?

D. Focusing on 2023, would you say the forecasted value is more than, about the same as, or less than its typical value from 2014 - 2019? Justify your answer. Data during this time can be found in the class notes or on the FRED website. Note: I am not looking for mathematical comparison. Instead, think in more general terms in comparing 2023 to the past.