# Essay on ECON 2155

Better Essays

ECON (2155) DOCUMENT

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 …show more content…

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-indicators The countries for this part of the Data Exercise will be assigned by your professor.
Select the 8 countries assigned for the 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 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