...Assignment 2: What is Gross Domestic Product? Jeanette Macintyre Argosy University ECO 201 Assignment 2: What is Gross Domestic Product? Based on the information contained on the website http://www.bea.gov/index.htm, answer the following questions: 1. What was Real GDP for 2009? According to Table 1.1.6. (Real Gross Domestic Product, Chained Dollars) the GDP of 2009 is 14,418 billion dollars (“Table 1.1.6”, 2015). a. What does GDP tell us? GDP is the output of goods and services by labor and property. GDP measures aggregate final production taking place in a country. GDP = Consumption + Investment + Government spending + Net exports (Colander, 2007 pg 159). b. How did GDP change from 2008? According to Table 1.1.6. (Real Gross Domestic Product, Chained Dollars) the GDP of 2008 was 14,830(“Table 1.1.6”, 2015). That is a decrease of 412 billion dollars in 2009 a difference of 2.8% (“Table 1.7.1”, 2015). c. What caused these changes? The change was due to a decrease in durable goods in 2009. According to Table 1.1.6 (Real Gross Domestic Product, Chained Dollars) in 2008, durable goods were at 1,083 billion dollars and a decrease of 60 billion dollars down to 1,023 billion dollars in 2009, a 5.85% reduction in expenditures (“Table 1.1.6”, 2015). 2. What was GNP for 2009? According to Table 1.7.5. (Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income) the GNP in 2009 was 14,569 billion dollars (“Table...
Words: 1277 - Pages: 6
...Phone: 727.712.1426 Office Hours: Sunday from 9 to 11 PM Table of Contents Course Description (Catalog) | ECON102 Macroeconomics (3 hours) This course is an introduction to the principles and tools of macroeconomic analysis. Macroeconomics investigates the main topics of the overall economy including Gross Domestic Product, inflation, unemployment, economic growth, recession, monetary policy and fiscal policy. We use these theories and concepts to examine the role of the government in our economy and how government makes choices. Table of Contents Course Scope | Macroeconomics is concerned with the study of the structure of an aggregate economy and its basic sub-divisions such as government, households and businesses and the relationship between these major components. It addresses the issues of economic growth, recession, unemployment, inflation, international trade, and the role of government and its policies for stabilizing the economy including monetary policy and fiscal policy. Table of Contents Course Objectives | After successfully completing this course, you will be able to: LO-1. Define economics in general terms. LO-2. Explain how economists use the scientific method to formulate economic principles. LO-3. Differentiate between microeconomics and...
Words: 2806 - Pages: 12
...Assignment 2: What is Gross Domestic Product? 1. GDP for 2009? According to the NIPA Tables 1.1.5, 2012 the Real GDP (Gross Domestic Product) for 2009 was 13,973.7. a. What does GDP tell us? The GDP acts as a yardstick used to gauge information concerning a country’s economy. It also tells us s the total dollar value of all services and goods made during a particular time period. b. How did GDP change from 2008? In the first two quarters, GDP saw growth. Although the GDP began to slightly decline in the third quarter, the importing and exporting of services and goods actually increased. The real GDP and the personal consumption expenditures decreased in the fourth quarter. c. What caused these changes? The economy was stagnant which resulted in a recession. When a recession happens private investment and personal consumption expenditures dramatically decrease. 2. What was GNP for 2009? According tp the NIPA Tables 1.7.5, 2012 The GNP for 2009 was 14,117.20. a. What is the difference between GDP and GNP? The total market value for all services and goods produced in the United States is defined as GDP (Gross Domestic Product) . The total market value for services and goods which were created by labor is the GNP (Gross National Product). b. How did GNP change from 2008? GNP increased throughout 2008 but started decreasing in 2009. The labor force was climaxing in late 2008. Then it began to decline again as ‘discouraged workers’...
Words: 667 - Pages: 3
...What is Gross Domestic Product? 1. What was Real GDP for 2009? The real GDP for 2009 was 14,418.7 (NIPA Tables 1.1.5, 2014) a. What does GDP tell us? GDP tells us the monetary value of all the finished goods and services that are produced within a country for any specific time period. This can be done annually or quarterly. It also gives us information regarding the country’s economy on all the final goods and services that are produced within a country. b. How did GDP change from 2008? In the first three quarters there was a decrease in the in the GDP. In the 4th quarter there was a slight increase. c. What caused these changes? These changes were caused because of the recession. They were made due to a significant decline in economic activity. Personal consumption expenditures and private investment were down and real exports of goods, services, real exports of goods and services decreased (NIPA Tables 1.1.5, 2012). 2. What was GNP for 2009? The GNP for 2009 was 14,569.8 a. What is the difference between GDP and GNP? GDP is the total market value of all goods and services that are produced within the United States. GNP is the value of goods and services produced by a nation or region within a period of time outside of the United States. It takes into account all net income receipts from abroad. b. How did GNP change from 2008? The GNP increased throughout 2008 but started...
Words: 1008 - Pages: 5
... | |Lesson Plan | |Assessment Scheme and Schedule | |Model Question Paper (Semester End Examination (SEE)) | |Lectures Slides, Tutorials and other Learning Resource provided (See Annexure 1) | |Assignments / Course Projects | |Evaluated samples of Assignments / Course Projects (One sample each from Excellent, Average and Satisfactory Bands) (See | |Annexure 2: Hard Copy of Evaluated Project Reports) | |Quizzes and CAT-I & II question papers and...
Words: 7055 - Pages: 29
...croecon [pic] Introduction to Economics EF 110 Take home exercise Due date: Wednesday 27th April 6pm 2011 This assignment must be submitted via moodle EF110 homepage. This assignment accounts for 10% of the final module grade Answer all questions. Marks awarded for each question can be clearly seen. This is an individual test and while it is expected that you may consult notes, etc, the final work shown should be your work alone. Your signature below will be taken as fulfilling the usual declaration that what is shown on the following pages is your own work and not the work of others. |Student Name: |David Fogarty | |ID Number: |10369785 | |Programme: |European Business and French. | |Signature: | | PLEASE ANSWER ALL PARTS PART A 1) CALCULATE GROSS DOMESTIC PRODUCT (GDP) BY BOTH THE OUTPUT AND EXPENDITURE METHODS FROM THE FOLLOWING (AND SHOW ALL YOUR WORKINGS CLEARLY. (Treat manufacturing as equivalent to industry.) Note: Assume all information for the economy is given below; there is no stock of inventories. For calculating GDP using the Output (value...
Words: 655 - Pages: 3
...Individual assignment week 2 Describe the following terms in your own words. Gross domestic product (GDP) Definition: The monetary value of all the finished (final) goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. My own words: A countries value of products within the nation that is measured within a specific amount of time, to gauge the standard of living. Real GDP definition: An inflation-adjustment measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price," "inflation-corrected" GDP or "constant dollar GDP". My own words: It’s like the gross domestic product but with more accurate figures. Nominal GDP definition: A gross domestic product (GDP) figure that has not been adjusted for inflation. Also known as "current dollar GDP" or "chained dollar GDP." My own words: When the inflation figure is not accounted for, making the GDP look better than it is in reality. Unemployment rate definition: The percentage of the total labor force that is unemployed but actively seeking employment and willing to work. My own words: The unemployment rate is an indicator of the labor work force as a whole that is not working but actively seeking employment. Inflation rate definition: The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling...
Words: 340 - Pages: 2
...Study Aide for Module 2-Written Assignment 2 Attached is the Study Aide for M2 A2. Critical !!!!!!! It is very important to read the study aides for each written assignment. You will find these aides for each week posted here in Questions for the instructor. It will save you hours of homework time and most of the students receive a high grade in the class if they use them and get an early start on these difficult written assignments. Here is some advice to help you also. With all of these written assignments in the class, read the directions and study aides closely before actually starting the work. Read the directions first. Many students wait until the last night before it is due and have a difficult time getting it done. Be sure to scroll to the bottom of this document for important information. Here is the rubric for this assignment. M 2 / Assignment 2 Grading Criteria | Maximum Points | Points Earned | Researched the data correctly and answered each question in a complete and accurate manner. Sixteen points for each question, 1-5. | 80 | | Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. APA formatting is used with a title page, APA page numbering, and a reference page. | 20 | | Total: | 100 | | We are requiring APA formatting on all assignments. No appendix introduction or conclusion in needed. Title page...
Words: 2102 - Pages: 9
...Chapter 2 Runing Case Assignment: Analyzing Financial Performance Software skills: Spreadsheet charts and formulas Business skills: Financial statement analysis As part of your analysis of the company for management, you have been asked to analyze data on Dirt Bikes’s financial performance. Review Dirt Bikes’s selected financial data in the Introduction to Dirt Bikes, which can be found at the Laudon Web site. There you will find Dirt Bikes’s income statement and summary balance sheet data from 2005 to 2007, annual sales of Dirt Bikes models between 2003 and 2007, and total domestic versus international sales between 2003 and 2007. Use your spreadsheet software to create graphs of Dirt Bikes’s sales history from 2003 to 2007 and its domestic versus international sales from 2003 to 2007. Select the type of graph that is most appropriate for presenting the data you are analyzing. Use the instructions at the Laudon Web site and your spreadsheet software to calculate the gross and net margins in Dirt Bikes’s income statements from 2005 to 2007. You can also create graphs showing trends in selected pieces of Dirt Bikes’s income statement and balance sheet data if you wish. (You may want to rearrange the historical ordering of the data if you decide to do this.) Prepare an addition to your management report that answers these questions: • What are Dirt Bikes’s best- and worst-performing products? What is the proportion of domestic to international...
Words: 330 - Pages: 2
...Homemade Pies Business 508 Professor Jack McCaffery Summer 2010 Rosie Wright BUS508 Assignment #1 1. Choose your company or service for your business proposal. It is not to be a franchise (McDonald’s). I would like to complete my business proposal on the company I work for; the name of the company is “Campus Crest Communities”. Campus Crest builds student housing across the United States. Their corporate office is located in South Park, they have 29 properties. 2. Analyze the situations below, complete the actions, and prepare a 3-4 page report with your conclusions: o Given the business situation of Mrs. Acres Homemade Pies (p. 30) and using the economic concepts of supply and demand, explain 1. Discuss what you think will happen to the supply, demand, and price of the product in the short-term; 2. Discuss what you think will happen to supply, demand, and price of the product in the long-term. 3. Explain why you think supply, demand, or equilibrium price will be different, if at all, in the short-term and the long-term. Mrs. Acres Homemade Pies Discuss what you think will happen to the supply, demand and price of the product in the short-term Mrs. Acre’s homemade pies are very successfully within her local supermarkets and a few family restaurants. Although the company’s success is driven by the quality of the product and the incentives provided for her employees. It’s very important that we pay attention to her...
Words: 1293 - Pages: 6
...Gradable Assignment 1 1. Full form of GDP and what is the difference between GDP per Capita Ans: GDP–Gross Domestic Product GDP per Capita – An estimate of an individual spends as a consumer compared to the total population spending on products and services. GDP is gross domestic product, the total economic output of a country, i.e., the amount of money a country makes. GDP per capita is the total output divided by the number of people in the population, so you can get a figure of the average output of each person, i.e., the average amount of money each person makes. 2. Define or explain Purchase Power Parity in two lines Ans: Purchasing power parity (PPP) is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries. 3. Which of these are Formal Institutions and Informal Institutions Ans: a. Laws- b. Ethics- c. Culture- d. Regulations- e. Norms- f. Rules- 4. Name two countries under Theocratic Laws Ans: Vatican City 5. Name at least two of the three kinds of economies Ans: An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse. There are three maintypes of economies: free market, command, and mixed. 6. Name two characteristics each of Low Context and High Context cultures Ans: High Context Cultures 1. Space is communal; people stand close...
Words: 698 - Pages: 3
...------------------------------------------------- Course Syllabus Facilitator Name: Robert C. Paramo, MBA Course Name: Principles of Macroeconomics Course Number: ECO/372 Version 4 Group Number: SB12BSB02 Course Start Date: 01/24/2013 Course End Date: 02/21/2013 COURSE SCHEDULE: Workshop 1 – Jan. 24, 2013 Workshop 2 – Jan. 31, 2013 Workshop 3 – Feb. 07, 2013 Workshop 4 – Feb. 14, 2013 Workshop 5 – Feb. 21, 2013 COURSE LOCATION, DAY AND TIME: San Bernardino Learning Center, Thursdays, 6:00 p.m. to 10:00 p.m. REQUIRED READING: Students are required to read all materials available at the Course Materials site for this course on https://ecampus.phoenix.edu/portal/portal/public/login.aspx Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2009 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Policies Students/learners will be held responsible for understanding...
Words: 1342 - Pages: 6
...class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Colander, D. C. (2010). Macroeconomics (8th ed.). Boston, MA: McGraw-Hill/Irwin. All electronic materials are available on the student website. Week One: Fundamentals of Macroeconomics | | Details | Due | Points | Objectives | 1.1 Explain the economic interaction of resources among households, government, and business. 1.2 Describe gross domestic product, inflation rate, unemployment rate, and interest rate. 1.3 Identify sources of historical economic data and economic forecasts. | | | Reading | Read Ch. 1 of Macroeconomics. | | | Reading | Read Ch. 2 of Macroeconomics. | | | Reading | Read Ch. 6 of Macroeconomics. | | | Reading | Read Ch. 7 of Macroeconomics. | | | Reading | Read Ch. 8 of Macroeconomics. | | | Reading | Read this week’s Electronic Reserve Readings. | | | Participation | Participate in class discussion. | Day 7 | 2 | Discussion...
Words: 1726 - Pages: 7
...School of Business ------------------------------------------------- Syllabus ECO/372 Version 4 Principles of Macroeconomics Whenever there is any question including about what assignments are due, please remember this syllabus is considered the ruling document. Group Number: GA11BSB08 Course Start Date: 07/17/2012 Course End Date: 08/14/20112 Course Schedule: Workshop 1 – July 17, 2012 Workshop 2 – July 24, 2012 Workshop 3 – July 31, 2012 Workshop 4 – Aug. 7, 2012 Workshop 5 – Aug. 14, 2012 FACILITATOR: Farooq A. Khan COURSE LOCATION, DAY AND TIME: Gardena Learning Center, Tuesday @ 6PM REQUIRED READING: Students are required to read all materials available at the Course Materials site for this course on https://ecampus.phoenix.edu/portal/portal/public/login.aspx | Course Syllabus School of Business ECO/372 Version 4 Principles of Macroeconomics | Copyright © 2012, 2008, 2007, 2006 by University of Phoenix. All rights reserved. Course Description This course provides students with the basic theories, concepts, terminology, and uses of macroeconomics. Students learn practical applications for macroeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. Policies Faculty and students will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies:...
Words: 1958 - Pages: 8
...ECO 372 Entire Course (UOP Course) For more course tutorials visit www.tutorialrank.com ECO 372 Week 1 Discussion Question 1 ECO 372 Week 1 Discussion Question 2 ECO 372 week 1 Individual Assignment Term Definition Paper ECO 372 Week 2 Discussion Question 1 ECO 372 Week 2 Group Discussion Question ECO 372 week 2 Team Assignment Industry Overview Paper ECO 372 Week 3 Discussion Question 1 ECO 372 Week 3 Group Discussion Question ECO 372 week 3 Individual Assignment Fiscal Policy Alternatives Simulation ECO 372 week 3 Team Assignment Economic Indicators Paper ECO 372 Week 4 Discussion Question 1 ECO 372 Week 4 Group Discussion Question ECO 372 week 4 Team Assignment Economic Indicator Forecast Paper ECO 372 week 5 Individual Assignment Applying International Trade Concepts Simulation ECO 372 week 5 Team Assignment Economic Project Paper ECO 372 Final Exam Guide ------------------------------------------------------------------------------------------ ECO 372 Final Exam Guide (UOP Course) For more course tutorials visit www.tutorialrank.com 1) The largest source of household income in the U.S. is obtained from 2) The market where business sell goods and services to households and the government is called the 3) Real gross domestic product is best defined as 4) Underemployment includes people A. who work "off-the-books" to avoid tax liabilities B. who are working part time, or not using all their...
Words: 1212 - Pages: 5
