Expenditures Approach to Calculating GDP Assignment
Added on - 12 Oct 2019
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Data exercise #1 Consists of four partsPart 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade)Complete the following exerciseVisit the Bureau of Economic Analysis Web site atwww.bea.govInU.S. Economic AccountsunderNationalclick onGross Domestic Product (GDP), then Interactive Tables:GDP and the National Incomeand Product Account (NIPA) Historical Tables, click “Begin using the data”, and use Section 1 - Tables1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters.1.Present the information that you received in your project as a table.2.Write a report (1 page double - spaced), which contains the analysis of the results you received.In this report consider, but do not be limited to the following:1.Why was nominal GDP greater than real GDP in each of those quarters?2.What was the percentage change in Nominal GDP for the most recent quarter compared to theprevious quarter?What was the percentage change in Real GDP for the two quarters?3.What accounts for the difference in the two percentages?Part 2: Income Approach to Calculating GDP (weight 25% of the assignment grade)Complete the following exercise:Go tohttp://www.bea.gov/Find the information on GDP in billions of current dollars for the past four quarters. InU.S. EconomicAccountsunderNationalclick onGross Domestic Product (GDP), then click on Interactive Tables:GDPand the National Income and Product Account (NIPA) Historical Tables– click “Begin using the data”-choose Section 1: Domestic Product and Income and findtable 1.7.51.Create the tablethat containsthe following information for the last year quarterly.Omit theintermediate lines found in Table 1.7.5 on the web site.GrossdomesticproductGrossnationalproductNetnationalproductNationalincomePersonalincome2. Write a reportin your own words(1 page, double-spaced), which contains the analysis of the resultsyou received.In this report consider, but do not be limited to the following:1.What is the difference between gross domestic product (GDP) and gross national product (GNP)?What is the difference in what GDP measures compared to GNP?2.Based on the table, what calculations must you make to determine GNP from GDP?3.What is national income (NI)? What does NI measure?4.Which was higher in this year, GNP or NI? By how much?5.What calculations must you make to determine NI from GNP?6.NI is composed of a number of categories. What category makes up the largest portion of NI?Part 3: GDP in Different Countries (weight 25% of the assignment grade)Complete the following exercise:Go to World Development Indicators database:http://databank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=world-development-indicatorsSelect 8 countries for your project by checking the check boxes under Country.Select the 2 data series GDP (current US$) and Population (Total) under Series.Select the most recent year under Time.You can now retrieve that data by clicking one of the options on the upper right of the window.Clicking“Table” will allow you to view and copy the data for each country.Clicking “Download” will allow you todownload the data in Excel, which can then be copied into your report table.Or you can simply type the required data into the table below.