Part A [1 point]: Using those three data sources, ll in the table below. Be sure to pay careful attention to units (dollars, thousands of people, millions of dollars, etc]. You will have to calculate the last three rows of the table using the formulas that are provided!-l Part B (1 point): A common concept in economics is that growth tends to help everybody. Using the values you found in the table above, fill in the tables below: Formulas: Total % Change = _ Final Value-Initial Value * 100% Initial Value Simple annual growth = = Total % Change Number of years Average compound growth rate = Final Value Number of Years - 14 Starting Value Total % change of ... . from 1956 to your ... from your birth year ... from 1956 to the birth year. to the most recent most recent year with year with data. data ... Nominal GDP ... ... Real GDP ... ... Population ... T. ... Nominal GDP per capita ... ... Real GDP per capita ... Simple annual growth ... from 1956 to your ... from your birth year .. from 1956 to the of ... birth year. to the most recent most recent year with year with data. data .. Nominal GDP ... ... Real GDP ...( T. T. T. T. ... Population ... ... Nominal GDP per capita ... ... Real GDP per capita ...Average compound ... from 1956 to your ... from your birth year .. from 1956 to the growth of ...( birth year.~ to the most recent most recent year with year with data. data .. Nominal GDP ... ... Real GDP ... ... Population ... ... Nominal GDP per capita ... ... Real GDP per capita ... Part C (2 sets of questions, 1 point): Which calculation of annual growth rate more accurately reflects the true growth rate of the economy each year, "simple annual growth" or "Average compound growth rate"? Why?~ Which among these options best reflects the change in standard of living: Nominal GDP, real GDP, nominal GDP per capita, or real GDP per capita? Why?~Part D (1 point): Using table 1.1.6 (linked from the GDP data in part A), fill in the table and answer the question below: Consumption Investment Gov Spending Net Exports 20206 20106 2000- 1990( 1980 "NATIONAL ACCOUNTS" > "NATIONAL INCOME & PRODUCT ACCOUNTS" > "GDP/GNP", then find the data series labeled "Billions of Chained 2012 Dollars, Annual, Not Seasonally Adjusted". o I think it's easier to view this data in table form. To do that, click the link halfway down the page to "Table 1.1.6 Real Gross Domestic Product, Chained Dollars: Annual". Be sure you've selected "chained dollars" to get real GDP Also be sure you've selected "annual" so you can see GDP for the whole year For nominal GDP, click "CATEGORY" >"NATIONAL ACCOUNTS" > "NATIONAL INCOME & PRODUCT ACCOUNTS" > "GDP/GNP", then find the data series labeled "Billions of Dollars, Annual, Not Seasonally Adjusted".~ Again, I think this data is easier to use in table form. To find that, click the link halfway down the page to "Table 1.1.5 Gross Domestic Product: Annual" o For nominal GDP, make sure you don't see "real" or "chained" labels o Also be sure to select "annual" to find GDP for the whole year To find population data, click "CATEGORY" > "POPULATION, EMPLOYMENT, & LABOR MARKETS" > "POPULATION". The annual population should be toward the top of the list on that page.~ o Unfortunately this series doesn't have a nice table linked at the bottom of the page. But you can click the "DOWNLOAD" button near the top of the page to see values for every year
