: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade)

DATA EXERCISE #1

Consists of four parts

Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade)

Complete the following exercise

Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click “Begin using the data”, and use Section 1 – Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters.

a) Present the information that you received in your project as a table.
b) 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:

Why was nominal GDP greater than real GDP in each of those quarters?
What was the percentage change in Nominal GDP for the most recent quarter compared to the previous quarter? What was the percentage change in Real GDP for the two quarters?
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 to http://www.bea.gov/

Find the information on GDP in billions of current dollars for the past four quarters. In U.S. Economic Accountsunder National click on Gross Domestic Product (GDP), then click on Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables – click “Begin using the data”- choose Section 1: Domestic Product and Income and find table 1.7.5

Create the table that contains the following information quarterly. Omit the intermediate lines found in Table 1.7.5 on the web site.

Gross domestic product

Gross national product

Net national product

National income

Personal incom

Write a report in your own words (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:

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?
Based on the table, what calculations must you make to determine GNP from GDP?
What is national income (NI)? What does NI measure?
Which was higher in this year, GNP or NI? By how much?
What calculations must you make to determine NI from GNP?
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-indicators

Select the 8 countries in the table below 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 to download the data in Excel, which can then be copied into your report table.

Fill in the table below. Calculate the per capita GDP for the most recent available year for the countries with the equation given in the far right column.
Country GDP Population Per Capita GDP
1 2 3 4 = 2/3

Write a short report in your own words (1 page, double-spaced), which contains the analysis of the results you have gotten. In this report consider, but do not be limited to the following:

List the countries by highest per capita GDP to lowest.
Does the order remain the same for total GDP as for per capita GDP?
If not, explain why is it different?

Part 4: Index of Economic Freedom (weight 25% of the assignment grade)

Log onto the Heritage Foundation’s website at http://www.heritage.org/Index/

“Today, we live in the most prosperous time in human history. Poverty, sicknesses, and ignorance are receding throughout the world, due in large part to the advance of economic freedom. In 2014, the principles of economic freedom that have fueled this monumental progress are once again measured in the Index of Economic Freedom, an annual guide published by The Wall Street Journal and The Heritage Foundation, Washington’s No. 1 think tank.

The Index covers 10 freedoms – from property rights to entrepreneurship – in 186 countries. Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100.”

Click on COUNTRY RANKING to find the rank of economic freedom. IMPORTANT – Make sure you use the Rank and not the Overall Score.

Click on EXPLORE THE DATA to find the rank of business, trade, financial freedom, and property rights.

Find the rank in economic freedom (overall) of the countries that you were using in part III of the assignment.
Find the rank in business, trade, financial freedom, and property rights of the countries that you were using in part III of the assignment.
Compare the rank in economic freedom (overall) and other indicators with the order of the countries using the per capita GDPin the table in part III of the assignment.

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results that you received.

Grading Rubric for the Data Exercise #1
DATA EXERCISE #1
Part 1: Expenditures Approach to Calculating GDP (25% of the assignment grade) Virtually no effort to complete part 1 of the exercise; not worthy of credit. Only a superficial effort to complete part 1 of the exercise. The project contains some data for expenditure approach in calculating GDP, but the analysis should be considerably more developed Good effort is made to present and analyze the data in expenditure approach in calculating GDP Excellent and very thorough development and articulation in presenting and analyzing the data in expenditure approach in calculating GDP
Part 2: Income Approach to Calculating GDP (25% of the assignment grade) Virtually no effort to complete part 2 of the exercise; not worthy of credit. Only a superficial effort to complete part 2 of the exercise. The project contains some data for Income approach in calculating GDP, but the analysis should be considerably more developed Good effort is made to present and analyze the data in Income approach in calculating GDP Excellent and very thorough development and articulation in presenting and analyzing the data in Income approach in calculating GDP
Part 3: GDP in Different Countries (25% of the assignment grade) Virtually no effort to complete part 3 of the exercise; not worthy of credit. Only a superficial effort to complete part 3 of the exercise. The project contains required data and calculations of GDP in different countries, but the analysis should be considerably more developed Very good effort in collecting the required data, calculating of GDP in different countries, and analyzing the results Excellent and very thorough development and articulation in presenting and analyzing the data of GDP in different coutries
4. Part 4: Index of Economic Freedom (25% of the assignment grade) Virtually no effort to complete part 4 of the exercise; not worthy of credit. Only a superficial effort to complete part 4 of the exercise. The project contains some data about index of Economic Freedom, but the analysis should be considerably more developed Very good effort in collecting the required data, about index of Economic Freedom, and analyzing the results Excellent and very thorough development and articulation in presenting and analyzing the data of about index of Economic Freedom.

DATA EXERCISE #2

Consists of three parts

Part 1: The Unemployment Rate (weight 30% of the assignment grade)

Complete the following exercise

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/empsit.toc.htm . Select Employment Situation Summary.

Write a report (1-2 pages double – spaced) to answer the questions:

What month (and year) is summarized? What was the unemployment rate for that month? How does that rate compare with the rate in the previous month?
What were the unemployment rates for adult women, teenagers, blacks, Hispanics, and whites? How did these rates compare with those a month earlier?
What factors make it difficult to determine the unemployment rate?
Why is unemployment an economic problem?
What are the noneconomic effects of unemployment?
Who loses from unemployment?

Part 2: The Inflation Rate (weight 30% of the assignment grade)

Complete the following exercise:

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/cpi.toc.htm . Select Consumer Price Index Summary.

Write a report (1-2 pages double – spaced) to answer the questions:

What month (and year) is summarized? What was CPI-U for that month?
What was the rate of inflation (percentage change in the CPI-U) for the month? How does that rate of inflation compare with the rate in the previous month?
Which two categories of goods or services had the greatest price increase for the month?
Which two categories of goods or services had the lowest price increase (or greatest price decrease) for the month?
Who loses from inflation?

Part 3: Unemployment Data by Labor Force Groups and Duration (40% of the project grade)

Go to http://www.gpoaccess.gov/eop/ – the home page of the Economic Report of the President. Click on the link to the most recent report.

Find unemployment data (Table B–12.—Civilian unemployment rate) for the following four years 1995, 2000, 2005, and the last available year. Use four labor force groups: males, and females, in each case 16 to 19 years of age, versus 20 years of age or over. Present the result in your project as a table.
Use the Economic Report of the President (Table B–13.—Unemployment by duration and reason) to find data on the duration of unemployment in 1995, 2000, 2005, and the last available year. Present the result in your project as a table.

Write a report (1-2 pages double-spaced) about the results you received.

In this paper consider, but do not be limited to the following:

Compare the distribution of unemployment by duration over these years. What relationship, if any, do you find?
Starting in the early 1990s many U.S. firms downsized their operations. In your opinion, how did this affect the duration of unemployment?
Demographic studies show that the proportion of teenagers and minorities in the U.S. population is likely to increase in the near future. In your opinion, what implications, if any, will this trend have on thenaturalrate of unemployment?

Grading Rubric for the Data Exercise #2
DATA EXERCISE #2
Part 1: The Unemployment Rate (30% of the assignment grade) Virtually no effort to complete part 1 of the exercise; not worthy of credit. Only a superficial effort to complete part 1 of the exercise. The project contains some data for the unemployment rate, but the analysis should be considerably more developed Good effort is made to present and analyze the data in the unemployment rate. Excellent and very thorough development and articulation in presenting and analyzing the data in the unemployment rate.
Part 2: The Inflation Rate (30% of the assignment grade) Virtually no effort to complete part 2 of the exercise; not worthy of credit. Only a superficial effort to complete part 2 of the exercise. The project contains some data for the inflation rate, but the analysis should be considerably more developed Good effort is made to present and analyze the data in the inflation rate. Excellent and very thorough development and articulation in presenting and analyzing the data in for the inflation rate.
Part 3: Unemployment Data by Labor Force Groups and Duration (40% of the assignment grade) Virtually no effort to complete part 3 of the exercise; not worthy of credit. Only a superficial effort to complete part 3 of the exercise. The project contains required data for Unemployment by Labor Force Groups and Duration, but the analysis should be considerably more developed Very good effort in collecting Unemployment Data by Labor Force Groups and Duration, and analyzing the results Excellent and very thorough development and articulation in presenting and analyzing the data Unemployment Data by Labor Force Groups and Duration .

Attempt 1

Written: Jan 13, 2015 11:52 PM – Jan 14, 2015 12:58 AM

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Chapter 1 random

In the ____________, households work and receive payment from firms.

Question options:

a) savings market

b) financial capital market

c) financial investment market

d) labor market
Question 2

Which of the following best describes a fiscal policy tool?

Question options:

a) bank lending

b) financial capital markets

c) government spending

d) household spending
Question 3

Because of their relatively small national economies, which of the following is most likely considered to be the most important factor for Belgium, Korea, and Canada to take full advantage of specialization?

Question options:
division of labour
international trade
economies of scale
command economy
Question 4

In the circular flow diagram model:

Question options:

a) households receive income from businesses in exchange for providing inputs and use that income to buy goods and services from businesses.

b) households receive revenue for selling goods and services to businesses, and use that revenue to buy inputs from businesses.

c) businesses receive revenues from households in exchange for providing goods and services and use those revenues to buy inputs from households.

d) Both (a) and (b) are correct.
Question 5

Which of the following is generally accepted as a valid criticism of the production of useful goods and services?

Question options:

a) economic freedom

b) government involvement

c) the black market

d) environmental pollution
Question 6

In a command economy, the __________ either makes most economic decisions itself or at least strongly influences how the decisions are made.

Question options:

a) firm

b) market

c) government

d) business sector
Question 7

In which of the following countries will the national government have the greatest influence with respect to the nation’s economy?

Question options:

a)

Cuba

b) Chile

c) China

d) Canada
Question 8

In a market-oriented economy, the amount of a good that is produced is primarily decided by the interaction of:

Question options:

a) producers and government planning committees.

b) buyers and sellers.

c) producers and input suppliers.

d) all consumers.
Question 9

Which of the following best describes a monetary policy tool?

Question options:

a) government spending

b) interest rates

c) household savings

d) taxes
Question 10

The circular flow diagram of economic activity is a model of the:

Question options:

a) role of unions and government in the economy.

b) flow of goods, services, and payments between households and firms.

c) influence of government on business behaviour.

d) interaction among taxes, prices, and profits.
Chapter 6 Random

Question 11

Middle-income countries, which include much of Latin America, Eastern Europe, and some countries in East Asia, have per capita GDP in the range of ___________.

Question options:

a) $60,000 to $120,000

b) $6,000 to $12,000

c) $60 to $120

d) $600 to $1200
Question 12

The difference between nominal GDP and real GDP is:

Question options:

a) real GDP adjusts for inflation

b) real GDP excludes imports and exports

c) nominal GDP adjusts for inflation

d) nominal GDP measures actual productivity
Question 13

Which of the following is true?

Question options:

a) A depression is a recession that is mild and relatively brief.

b) During the contractionary phase of the business cycle, the rate of unemployment is generally quite low.

c) The timing of business fluctuations is regular and therefore easily predictable.

d) The expansions and contractions of real world business cycles last varying lengths of time and often differ in magnitude.

Question 14

___________ is about two-thirds of the demand side of GDP, but it moves relatively little over time.

Question options:

a) Consumption

b) Services

c) Investment

d) Government
Question 15

The demand measure of GDP accounting adds together:

Question options:

a) consumption, government purchases, wages and salaries, and trade balance.

b) wages and salaries, rent, interest, and profit.

c) consumption, interest, government purchases, and trade balance.

d) consumption, investment, government purchases, and trade balance.

Question 16

For most high-income countries of the world, GDP _________________ over time.

Question options:

 
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