Question 1 (5 parts, 5 points total): One of the most important measurements of economic output is Gross Domestic Product. This question asks you to nd information about GDP for a few selected time periods to get you some practioe using ofcial data. The data we will use is accessible at httpI FRED .StLouis Fed.og. 0 To get to Real GDP, click "CATEGORY" :- "NATIONAL ACCOUNTS" :v \"NA'I'IONAL INCOME 81 PRODUCT ACCOUNTS" > "GDPJGNP", then nd 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". 0 Be sure you've selected "chained dollars" to get real GDP 0 Also be sure you've selected "annual" so you can see GDP for the whole year 0 For nominal GDP, click "CATEGORY" > "NATIONAL ACCOUNTS" > "NATIONAL INCOME & PRODUCT ACCOUNTS" > "GDPIGNP'", then nd the data seri$ labeled "Billions of Dollars, Annual, Not Seasonally Adjust ". 0 Again. I think this data is easier to use in table form. To nd that. click the link halfway down the page to "Table 1.1.5 Gross Domestic Product: Annual\" 0 For nominal GDP. make sure you don't see "'real'r or "chained" labels 0 Also be sure to select "annual" to find GDP for the whole year I To find population data. click "CATEGORY" > "PDPULA'ITDN, EMPLOYMENT, & lABOIt MARKETS" > "POPU LATION".The annual population should be toward the top of the list on that page. 0 Unfortunately this series doesn't have a nice table linked at the bottom of the page. But you can click the \"DOWN LOAD" button near the top ofthe page to see values for every year. Part A [1 po'l'lt}: 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 ofthe table using the formulas that are provided. _Par1 B [1 point): A common oonce pt in economics is that growth tends to help everybody. Using the values you found in the table above, ll in the tables below: Formulas: Final ValueW Value I Total % Change T x 100% I Simple annual growth =wW WP!) yum: 1. ma! Value )m I Average compound growth rate = (SmmmII \"in. 1 \fPart D [1 point}: Using table 1.1.6 (linked from the G DP data in part A), ll in the table and answer the question below: Consumption Investment Gov Spending Net Exports 2020 2010 2000 1990 1980 1970 1960 Note: Your total may differ from part A above due to the process of chain-weighting. ' Which of these four is the largest component of Gross Domestic Product? Is that surprising? 'Part E [1 point}: Now let's look at the income approach to national income accounting. (30 to "CATEGORIES\" > "NATIONAL ACCOU NTS\" > "NATIONAL INCOME & PRODU CT ACCOU NTS" > "PERSONAL INCOME & OUTLAYS" and choose the Annual version of"Personal Income". Then, click Table 2.1. Fill in thetable and answer the question below: Wages Prots Rental & Asset Transfer Receipts 2020 2010 2000 1990 1980 1970 1960 Note: We often start many macroeconomic analyses after 1954 because it is a relatively "calm\" starting point after the economic volatility that followed World War Two. Note: These values are nominal, so you should not expect them to match earlier numbers in this assignment. I What is the largest category ofpayments? Has there been any interesting change over time
