Line 9 10 11 1. Create the table that contains the following information for the last available quarter. Please note that sing the data for previous quarters will produce grade zero for this part of the project. 12 13 Omit the intermediate lines found in Tables 7 and 8 on the web site. . Gross domestic product Gross national product Net national product (you should calculate it as Gross national product minus Consumption of fixed capital) National income Personal income 1 Gross domestic product (GDP) 2 Plus: Income receipts from the rest of the world 3 Less: Income payments to the rest of the world 4 Equals: Gross national product 5 Less: Consumption of fixed capital 6 Less: Statistical discrepancy 7 Equals: National income 8 February 27, 2020 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars) Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports less subsidies 14 15 16 Business current transfer payments (net) 17 Current surplus of government enterprises Addenda: 18 Gross domestic income (GDI) 19 Average of GDP and GDI Seasonally adjusted at annual rates 2019 2017 2018 2019' 2018 Q4 Q1 Q2 Q3 Q4 19,519.4 20,580.2 21,427.1 20,897.8 21,098.8 21,340.3 21,542.5 21,726.8 957.9 1,106.2 714.6 1,127.0 1,149.0 1,177.2 1,160.4 874.4 891.2 876.2 851.4 838.3 19,762.7 20,848.1 3,121.4 3,291.4 3,463.0 -67.6 10.8 16,708.8 17,545.9 17,743.1 17,912.4 18,092.3 18,216.2 8 10,411.6 10,928.5 11,420.4 11,057.4 11,306.6 11,386.9 11,441.7 11,546.5 8,462.1 8,888.5 9,297.4 8,990.0 9,211.5 9,273.6 9,309.6 9,394.8 9 1,949.5 2,040.0 2.123.0 2,067.4 2,095.1 2,113.3 2,132.1 2.151.7 10 21,150.4 21,356.7 21,641.3 21,851.5 3,358.1 3.402.2 3,446.5 3,485.9 3.517.5 49.2 42.1 102.5 149.5 1,518.2 1.588.8 1.657.8 1,624.4 718.8 756.8 778.2 764.1 1.621.2 1,632.9 1,683.4 767.0 777.2 779.7 20,848.6 21,056.7 21,237.8 21,393.1. 20,873.2 21,077.8 21,289.0 21,467.8 0.2 0.2 0.5 0.7 19,587.0 20,569.4 19,553.2 20,574.8 -0.3 20 Statistical discrepancy as a percentage of GDP 0.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2019. Source: U.S. Bureau of Economic Analysis Line 1 2 3 4 5 6 7 2,005.9 2,074.6 2,085.6 2,006.9 2,082.7 2.078.0 13 608.0 672.6 644 8 668.4 657 2 644.7 636.4 641.1 14 1,303.3 1,377.4 1.419.7 1,393.9 1,399.8 1.417.4 1,425.1 1,436.4 15 145.4 153.7 170.0 159.2 165.4 163.3 184.6 166.6 16 -2.5 -6.5 -12.0 -9.9 -11.5 -12.9 -12.6 -11.0 17 1.693.9 11 789.0 12 18 19 20 February 27, 2020 Line 1 Personal income 2345 5 678 90223 10 Personal interest income Personal dividend income 11 Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Personal income receipts on assets 12 Personal current transfer receipts Table 8. Personal Income and Its Disposition [Billions of dollars] 2017 2018 2019' 20 Less: Contributions for government social insurance, domestic 14 Less: Personal current taxes 15 Equals: Disposable personal income 16 Less: Personal outlays 17 Equals: Personal saving 18 Personal saving as a percentage of disposable personal income Addende 19 Personcome excluding current transfer receipts, billions of chained (2012) dollars Disposable personal income, billions of chained (2012) dollars 1,518.2 1.588.8 1,657.8 38.1 27.2 31.9 1,480.1 1.561.6 1,626.0 2018 Q4 Q1 Q2 Q4 Q3 16,878.8 17,819.2 18,601.4 18,082.8 18,355.4 18,555.9 18,676.9 18,817.5 10,411.6 10,928.5 11,420.4 11,057.4 11,306.6 11,386.9 11,441.7 11,546.5 8,462 1 8,888.5 9,297.4 8,990.0 9,211.5 9,273.6 9,309.6 9,394.8 1,949.5 2,067 4 2,095.1 2,113.3 2,132.1 2,151.7 2,040.0 2,123.0 7.0 Seasonally adjusted at annual rates 2019 7.7 7.9 February 27, 2020 718.8 756.8 778.2 764.1 767.0 777.2 779.7 789.0 8 2,681.6 2,930.1 2,992.7 3,002,0 2,955.1 3,016.5 2,997.7 3,001.4 9 1,551.6 1.702.7 1.720.4 1.727.2 1,699.3 1.750.5 1.716.8 1,714.8 10 1,130.0 1,227.5 1.272.3 1,274.8 1,255.8 1,266.0 1,280.9 1,286.6 11 2,848.1 2,971.5 3,171.7 3,003.7 3,113.1 3.158.6 3,195.8 3,219.5 12 1,624.4 1.621.2 1,632.9 1.683.4 1,693.9 5 35.9 24.8 19.2 41.8 1,588.4 1,596.3 1.613.7 1,641.5 1.652.3 7 41.6 1,299.6 1,356.5 1.419.5 1,368.7 1.407.6 1.416.3 1,421.3 1.432.7 13 2,045.8 2,077.6 2,181.5 2,077.4 2,156.9 2,200.1 2,175.3 2,193.8 14 14,833.0 15,741.5 16,419.9 16,005.4 16,198.5 16,355.7 16,501.6 16,623.7 15 13,802.1 14.531.1 15.121.1 14,757.8 14,823.0 15.073.1 15,237.2 15,350.9 16 1,030.9 1,210.4 1,298.8 1,247.6 1,375.5 1,282.6 1,264.3 1,272.8 17 7.7 18 7.8 8.5 Line 7.8 1234 7.7 567 13,245.3 13,729.6 14,071.2 13,863.6 13.999.8 14,059.1 14,083.6 14,143.8 19 14,002.8 14.556.2 14.974.3 14.715.2 14.878.1 14,934.3 15,011.9 15.073.9 20 2. What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP? 3. Based on the table, what calculations must you make to determine GNP from GDP? 4. What is national income (NI)? What does NI measure? 5. Which was higher in this year, GNP or NI? By how much? 6. What calculations must you make to determine NI from GNP? 7. NI is composed of a number of categories. What category makes up the largest portion of NI? 8. Please analyze and discuss the significance of the data that you received for this Data exercise. Reflect on what you have learned from this exercise.