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, page numbering, reference page, Times New Roman, #12 font, double spacing are required according to APA standards. Also, the questions followed by the answers are required.

M2-Assignment 2: What is Gross Domestic Product?
Go to the following website: www.bea.gov/index.htm There is not a lot of information about GNP on the BEA website so I recommend that you look it up on the census.gov website. http://www.census.gov/ . You are welcome to use this alternate government web site if you have trouble finding something on the bea.gov one. Appendix A below explains how to use this website with tips. I think it is more user friendly than the bea.gov one.
TIP: If you are uncertain if your number is correct, just test your number in a Google search to verify if it is correct. There certainly a lot of confusing numbers and labels on this government website. Here is an example ‘What is the GDP for 2009?’ in Google search.
Based on the information contained on the website above, answer the following questions: 1. What was Real GDP for 2009? | Professor Klense, Should the real GDP for a certain year be the average of the GDP for the four quarters of that year or should it be the GDP at the end of the 4th quarter?We just want the GDP for the whole year- the annual GDP. Be sure to label exact what type of GDP it is. We don’t want it broken down by the month or quarter. | a. What does GDP tell us? b. How did GDP change from 2008? c. What caused these changes? 2. What was GNP for 2009?

d. What is the difference between GDP and GNP? e. How did GNP change from 2008? f. What caused these changes? 3. What was National Income (NI) for 2008? g. What does National Income tell us? h. What is the difference between GNP and NI? i. What caused these changes?[Reworded for clarity-What caused the changes in NI from 2007 to 2008?] 4. What was Disposable Income (DI) for 2009? j. What does Disposable Income consist of? k. How did DI change from 2008? l. What caused these changes? 5. What was GDP in 2008 (sometimes called GSP) for your state?
Submit your responses in a Microsoft Word document in a short answer/worksheet format.
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Be sure to go through the reading material first and understand the key terms in the assignments such as GDP, NI, and DI. In this assignment you will be using WORD software. Be sure to list the questions with your answers as shown below in the sample. Be sure to scroll to the bottom of this document.
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Since this subject of economics is probably fairly new to you, don’t wait until day 7 to work on it. A good night’s rest will certainly make it seem easier for you if you are having difficulty. There is a lot of new material here for you to master.
Wikipedia usually has accurate information when it comes to the subject matter in this assignment. Use Wikipedia to be a guide for the other information you pull up in Google from other sites (a secondary source). If you have trouble finding one question, don’t get frustrated and stop there. Go to the next question and you can come back to the ones you have trouble with until you have gone through all 5 questions. I do this same strategy when I do exams and it has helped me earn a 3.83 GPA when I earned my Masters in Health Care Administration. I was also working a 40 to 50 hour a week health care executive job while going to school. I recommend that you double check your figures with Google searches on the Internet for the 5 main questions in this assignment to see if you have it answered correctly and if it is in millions or billions (this is the typical way the numbers are shown).
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Here are some other websites to help you with the M2A2 assignment:

http://www.tradingeconomics.com/united-states/gdp-growth

http://www.multpl.com/us-gdp-inflation-adjusted/table
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How to submit your written assignments? When submitting all of your written assignment, please list the question followed by your answer to it. Thank you. Please call or email me if you have any questions on this.
Instructor Steve
Format to submit your written assignments.
Below is a visual example of how to submit your assignment:
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M1-Assignment 3: Supply, Demand, & Government in the Markets
A doctoral student has just completed a study for her dissertation and found the following demand and supply schedules for hand held computers to be as follows: Price/Computer | Quantity Demanded | Quantity Supplied | $200 | 1000 | 2200 | 175 | 1250 | 2050 | 150 | 1500 | 1900 | 125 | 1750 | 1750 | 100 | 2000 | 1600 | 75 | 2250 | 1450 | 50 | 2500 | 1300 | 25 | 2750 | 1150 |
1.Using Microsoft Excel, draw a graph illustrating the supply and demand in this market.
Student places answer here.
2.What is the equilibrium Price and Quantity in the market?
Student places answer here.
3.Now suppose the government imposes a special tax on these computers. Describe what would happen in this market in terms of the supply and demand curve.
Student places answer here.
4.Disregard the new tax in part three. Now assume that the government imposes a price ceiling of $100 in this market, as a result of protests of price gauging by the sellers. What would happen to the price and quantity in this market?
Student places answer here.
5.Disregard the events of part four. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being an essential for college students but they are considering halting production due to the lack of profits. The lawmakers agree and now set a price floor at $150. What would happen in this market?
Student places answer here.
6.If consumers’ expectations were such that they were concerned about the economy and jobs, what would you think would happen in this market?
Student places answer here.

Go to the following website: www.bea.gov/index.htm --------------------------

REFERENCES
Bureau of Economic Analysis. (2012). U. S. Economic Accounts. Retrieved from http://www.bea.gov/index.htm
Bureau of Economic Analysis (2012a). Retrieved from http://www.bea.gov/newsreleases/regional/gdp_state/2012/pdf/gsp0612.pdf
Bureau of Economic Analysis (2012b). Retrieved from http://www.bea.gov/newsreleases/national/gdp/2012/pdf/gdp2q12_adv.pdf
Colander, David C (102007). Macroeconomics [7] (VitalSource Bookshelf), Retrieved from http://digitalbookshelf.argosy.edu/books/007-7376498/id/id_9780073343662_001_para003221
Command-Basis Real Gross Domestic Product and Gross National Product, Chained Dollars. (2012, July 27). Retrieved August 15, 2012, from U.S. Department of Commerce: Bureau of Economic Analysis: http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1
Disposable income (n.d.) Retrieved from http://www.investopedia.com/terms/d/disposableincome.asp#axzz23gMfOLHi
GDP & Perosnal Income. (2012, June 5). Retrieved August 15, 2012, from U.S. Department of Commerce: Bureau of Economic Analysis: http://www.bea.gov/iTable/iTable.cfm?ReqID=70&step=1&isuri=1&acrdn=1
GNP for 2009. (2012, June 5). Retrieved from census.gov: http://www.census.gov/compendia/statab/2012/tables/12s0667.pdf
Macroeconomics: GDP and Economic Growth. (2012). Retrieved August 14, 2012, from Argosy University Online Programs: http://myeclassonline.com/re/DotNextLaunch.asp?courseid=7010142&userid=8065616&sessionid=8999f1df93&tabid=IZrJmlLjvM7r0PEwblrNVXp+AkbhLcGvcrck09+yebU=&sessionFirstAuthStore=true&macid=qWI4bMshOpJeHO9zqnlym0gHp003DefPaUYCC/Epdb/twR3pccDlJhKqpoHZNxlT9I7gm4U
Mataloni, L. S., Stewart, R., & Aversa, J. (2012, July 27). Retrieved August 14, 2012, from U.S. Department of Commerce: Bureau of Economic Analysis: http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
National Income. (2007 - 2011). Retrieved August 15, 2012, from Investments & Income: http://www.investmentsandincome.com/income/national-income.html
OECD.StatExtracts. Retrieved from http://stats.oecd.org/Index.aspx?DatasetCode=SNA_TABLE1

WebFinance, Inc. (2012). Disposable Income. Retrieved August 15, 2012, from InvestorWords.com: http://www.investorwords.com/1491/disposable_income.html
What is the difference between GNP and GDP? (n.d.). Retrieved August 15, 2012, from Colebrothers: http://www.colebrothers.com/economics/gnpvsgdp.html

Appendix A

There is not a lot of information about GNP on the BEA website so I recommend that you look it up on the census.gov website. http://www.census.gov/
Below is the home page. On the right you will see search. Type in what information you are looking for. Don’t use abbreviations. Example: Gross National Product. disposable income

GNP for 2009. (2012, June 5). Retrieved from census.gov: http://www.census.gov/compendia/statab/2012/tables/12s0667.pdf
Appendix B

6. It is a bit awkward to find the information on this website, ‘Bea.gov’.It is fine to use other sources off the Internet. I recommend the census.gov website that is explained in Appendix A. Most sources should be OK but not Wickipedia. It is unbelievably easy to find all of this information. If you just put in the question into Google it will give you the answer. Use these key words in Google to find this answer ‘ What was National Income (NI) for 2008?’ Technology is amazing!

Try to get the information off the bea.gov website but if you have some difficulty with some of these questions, it is fine to use other good sources off the Internet. Most sources should be OK but not Wickipedia as the primary source.

Appendix C

Appendix D – Regional data to locate the GDP for your state for 2008.
Step 1.

Step 2.

Step 3.

Step 4.

Step 5.

Appendix E – Real GDP.
Remember that we want a total figure for the whole United States. It is not a percentage or chained figure. Be sure to specify the time span of your figures. Is it quarterly or annually? We prefer annually (yearly). See the sample below is an Excel table for this that I pulled from the BEA website.

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Below is a webpage from our lecture.
Macroeconomics: GDP and Economic Growth (1 of 5)

http://myeclassonline.com/re/DotNextLaunch.asp?courseid=7010142&userid=10568482&sessionid=403337dc64&tabid=0YhHeuDiyFteiSChku03EbN6qGyiWwEdsXQVArF4Pl1SnliuXVDUa1TOFgBsBZNx&sessionFirstAuthStore=true&macid=CIvDj05C+YOMDoBnWoz0s7E0VvU7+HwxLXm8B/CLt4vbVhcOQPuag9ZEO4JB5WEy3CoVZQNly3w9eGruNv1lW3nISmbcHMwHlth0fT2f0ef+3dR8hIV7fnCtw9+RIyVaGxTwZx9pIWphMqnPwRyV3wGt8C+tPRz5Y1Tk8mCxkuKNIyJARFWpvPI0W+N2Id8BC4gkp5yhe9blKmhdtRY7LZAZfmXA2s3AzAez42LeSMQ=

Hi Folks: I want to give you this important study tip to help you do well in all of your college courses. Be sure to double check your work after you finish the assignment. To do this, you will have to get an early start on your assignment. Don’t wait until the last due date to complete it. Have time to double check it when your mind is rested.
I am surprised that many people start out great on this assignment and when they get to questions 4, 5, and 6 they are so exhausted that the completely miss them or important parts of the question.
Each question is worth 16 points so it does not take many errors to get a failing grade.
This is one reason why I ask you to have a complete copy of the questions with your answer directly below them.
Thank you.