Go to the Bureau of Economic Analysis/National Income Accounts site http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm 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.

Using Table 3: "Gross Domestic Product and Related Measures" answer questions. Show calculations. Use the Current Dollars section. 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:Resolve 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. Determine Selangor's gross domestic product (GDP) for the year of 2018.

2. Determine Selangor's GDP rank among all states.

3. Discuss Selangor's economy using this list.

4. 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.

2. Determine the real GDP trend of Selangor's economy; grew-or shrank - over time.

3. Compare the nominal GDP with the real GDP chart. In which chart does Selangor's economy appear to grow more quickly?

4. Determine which measure - nominal GDP or real GDP - think gives a more accurate picture of the growth in Selangor. Explain.

Part C: GDP Growth Rate (table 2)

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

1. On the real GDP growth table, some states had the fastest annual economic growth. Discuss are the states with the fastest growing economies always the states with the largest nominal GDP?

2. Determine Selangor's real GDP growth rate for 2018.

3. The nation's real annual GDP growth rate for 2018 was 4.8%. Compare the Selangor's economy with the nation's real annual GDP growth rate.

4. Discuss the possible benefits of economic growth.