Go to the Bureau of Economic Analysis/National Income Accounts sitehttp://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm.The first thing you will see is the News Release that is reported each month.

Look to the right side of the page for the "Full Release & Tables.". Scroll down from the news release to find the tables. Take a moment to look at all the tables and the variety of information available.

Using Table 3: "Gross Domestic Product and Related Measures" answer questions 1 through 8. Show your calculations. Use the Current Dollars section on the left. You'll note that the annual total is given in the left column, with quarterly breakdowns to the right. You'll have to scroll down for the second part of the table.(Hint: To find the % that any value is of GDP divide that value by GDP and multiply by 100. For instance, if PCE is 8,000 and GDP is 10,000, then PCE is 8/10 x100 or 80% of GDP.)

PART 2:Retrieve the GDP excel spreadsheet .

Part A: Nominal GDP (table 26)

Refer to the nominal GDP by state in table 26, answer the questions below:

1. Discuss Selangor's economy using this list.

2. Discuss the information that's not provided by nominal GDP levels.

Part B: Real GDP (table 1)

Refer to the GDP by State at Constant Price (real GDP) in table 1, answer the questions below:

1. When using GDP statistics, it's important to understand the difference between current price data and constant price (inflation adjusted) data. Explain the difference between nominal GDP and real GDP.

Part C: GDP Growth Rate (table 2)

Refer to the GDP Growth Rate by state in table 2, answer the questions below:

1. Discuss the possible benefits of economic growth.