macroeconomics

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Economics

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Assignment 2: What is Gross Domestic Product?

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

Based on the information contained on the website above, answer the following questions:

  1. What was Real GDP for 2014?
    1. What does GDP tell us?
    2. How did GDP change from 2013?
    3. What caused these changes?
  2. What was GNP for 2014?
    1. What is the difference between GDP and GNP?
    2. How did GNP change from 2013?
    3. What caused these changes?
  3. What was National Income (NI) for 2014?
    1. What does National Income tell us?
    2. What is the difference between GNP and NI?
    3. How did NI change from 2013?
    4. What caused these changes?
  4. What was Disposable Income (DI) for 2014?
    1. What does Disposable Income consist of?
    2. How did DI change from 2013?
    3. What caused these changes?
  5. What was GDP in 2013 (sometimes called GSP) for your state?

Submit your responses in an Microsoft Word document in a short answer/worksheet format.

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Explanation & Answer

Attached.

Running Head: MACROECONOMICS

1

Macroeconomics

Institution Affiliation

Date

MACROECONOMICS

2
Macroeconomics

Real Gross Domestic Product (GDP) is the worth of products and services made by the
state’s economy which is lesser than the values of products and services utilized in the
manufacturing process. It can also be termed as the inflation adjusted worth of products and
services made by labor and property located in a country. The Bureau of Economic Analysis report
showed an increase of GDP in 2014 at a rate of 2.6%. They also reported 4.1% increase in real
GDP in 2013 which reflected yearly growth in comparison to 2.8% in 2012. The upsurge in growth
was...


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