To understand the components
of aggregate expenditure
To compute gross domestic
product and gross national product
II. Data
Input the values for various
items in the U.S. national income accounts (in billions of dollars;
rounded to the nearest billion).
Compute gross domestic
product and gross national product.
Click on Gimme GDP!
to verify your answers.
III. Questions
Go to the Bureau
of Economic
Analysis (opens in a new window). In the column on the left, click on Gross Domestic Product. Click on Interactive Data Tables. Click
on Section 1. Click on Table
1.1.5. Gross Domestic Product.
This will give you seasonally adjusted nominal GDP by
quarter at annual rates.
Most
recent quarter =
____________.
Obtain data for the relevant
items in the national income
accounts for the most recent quarter (in billions of current
dollars) and compute the following: C, I,
G, (X-IM) and GDP.
Show your
computations.
Compute the proportion of
each component of spending in GDP:
Consumption accounts for
______ % of GDP.
Investment accounts for
______ % of GDP.
Government expenditure
accounts for ______ % of GDP.
Exports account for
______ % of GDP.
Imports account for
______ % of GDP.
Spending on services
accounts for _____% of personal consumption expenditures.
The U.S. has a [ deficit /
surplus ] of $ ________
billion in the balance of goods account
The U.S. has
a [ deficit
/ surplus ] of $ _________
billion in the balance of
services account.
On the BEA website, go to Table
1.7.5. Relation of Gross Domestic Product, Gross National Product, Net
National Product, National Income, and Personal Income
For the latest quarter,
obtain "Income receipts from the rest of the world" and "Income
payments to the rest of the world".
Compute Gross National
Product.
Go to Table 1.1.6 Real Gross
Domestic Product, Chained Dollars.
For the latest
quarter, real GDP is $ __________ billion.
Why is this different
from the nominal GDP computed in Question 2?
How much did the economy grow in the latest quarter (compared to
the preceding quarter, expressed in annual rates)? Use data for real
GDP for the two quarters from Table
1.1.6.
To obtain annual rates, remember to multiply the percent
quarterly change by 4.
Verify your answer from Table 1.1.1. Percent Change From
Preceding Period in Real Gross Domestic Product.