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ECON 201 Final: GDP Research Assignment BEA ECON 201

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azuremammoth471
15 Mar 2019
School
University of Louisiana Lafayette
Department
Economics
Course
ECON 201
Professor
All

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Econ 201 gdp research assignment due at 11:55pm april 17 (moodle upload only!) Visit the bureau of economic analysis web site www. bea. gov and access the following information: visit www. bea. gov. Under national accounts: click gdp, then click current dollar and real . Identify the u. s. gdp for following quarters (gdp in billions of current dollars; not. Chained dollars: 2008 q2, 2008 q3, 2008 q4, 2009 q1, 2009 q2. 13854. 1: 2009 q3, 2009 q4, 2011 q2, 2011 q3, 2011 q4. Under regional accounts: click gdp by state and metropolitan area, (data) click the gdp by state, click gdp, click naics (1997 forward), click all industry total, area: select. All areas, year: select 2010, and unit of measure: levels. Identify the gdp in 2010 (in millions) for the following states (gdp by state - millions of current dollars, all industry total ): louisiana, texas, hawaii, new york, mississippi. Name the 3 states (in the u. s. ) with the highest gdp:

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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 Accounts under 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 1. Create the table that contains the following information for the last year 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 income 2. 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?