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Annual real gdp growth rates

Assignment Help Macroeconomics
Reference no: EM131153797

1. A.) For the US, find the most current:

- Annual Real GDP

- Annual real GDP growth rates for the past 5 years

Cite the source used (Do not use Wikipedia). Make sure it is an official source of economic data.  The Interactive NIPA tables in bea.gov (link below) can help https://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=1&isuri=1

B.) From the growth rate data, what conclusions can you reach about the health of the US economy?

(e.g. what part of the business cycle are we currently in? (you will need chapter 12 for this part). Support your answer with rationale.)

2. In 5-6 sentences, use the framework of the circular flow to explain why total income equates to total spending at a macro level.

3. Using the data provided in the table below, find the GDP (show all work)

 

$ (in billions)

Corporate Profits

305

Capital Consumption Allowance (Depreciation)

479

Gross Private Domestic Investment

716

Personal Taxes

565

Personal Saving

120

Government Spending

924

Net Interest

337

Compensation of Employees

2,648

Imports

547

Rental Income

19

Exports

427

Personal Consumption Expenditures

2,966

Proprietors' Income

328

Indirect Business Taxes

370

Social Security Contributions (FICA)

394

Transfer Payments

543

4. Complete the table below and indicate which items are included in GDP and why.

Activity

Included (I) or Excluded (E) from GDP?

Sale of a used car

Excluded - resale

My mom cooks a meal for the family

 

Ford buys paint for its cars in production

 

I purchased 100 shares of IBM stock.

 

Joe receives an allowance from his father for mowing the lawn.

 

Ms. Jones, a stock broker, receives commission when she sell stock for a client.

 

Government buys a new fighter jet.

 

You buy a used textbook.

 

You go to the dentist.

 

A retired worker receives a Social Security payment.

 

Prof. Khoushab  teaches an extra class at MCCC

 

Reference no: EM131153797

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