Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

To learn about theGDP in the real world and to answer the discussion questions, follow the steps below to obtain data from the Bureau of

To learn about theGDP in the real world and to answer the discussion questions, follow the steps below to obtain data from the Bureau of Economic Analysis.

  1. Go tobea.gov.
  2. Click on the Tools tab (on the top).
  3. Click on Interactive Data.
  4. Click on GDP & Personal Income under National Data.
  5. Click on interactive data tables
  6. Click on SECTION 1: Domestic Product and Income.
  7. Click on Table 1.1.1. Percent Change from Preceding Period in Real Gross Domestic Product (A) (Q).

To expand your search, click on Modifyon the top middle portion of the table above the results, and then change the First Yearto 2005 and the Last Year to the current year. Change the Seriesto Annual, and then click on Refresh Table. Note what happened before and after the recession of 2007-2008.

Also, explore other tables, particularly Table 1.1.2. and Table 1.1.4, to learn about changes in prices and how and why GDP changes.

  • What is the current GDP growth rate? Also, examine the trend of GDP growth over the past few years.
  • What stage of the business cycle is the U.S. economy currently in given the trend of GDP growth?
  • What components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion? In other words, what aspects of GDP are mostly affected when the economy slows down, and why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Business Law

Authors: Jeffrey F Beatty, Susan S Samuelson

3rd Edition

0324537123, 9780324537123

More Books

Students also viewed these Economics questions

Question

=+ Identify the ethical dilemma in this scenario.

Answered: 1 week ago

Question

1. Background knowledge of the subject and

Answered: 1 week ago

Question

2. The purpose of the acquisition of the information.

Answered: 1 week ago