Assignment: Gross Domestic ProductComplete the Gross Domestic Product worksheet.To access the Gross Domestic Product data required in the worksheet from the government website, use the following click stream: > Access the website, http://www.bea.gov> Under the “National” heading, click “Gross Domestic Product.”> Under the heading “Gross Domestic Product,” click on “Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables.”> Click on “Begin using the data”> Select “Section I – Domestic Product and Income”> Select “Table 1.1.5 Gross Domestic Product (A)(Q).”> Use the column for 4th quarter of 2015. The quarter years are in roman numerals (IV = 4 ).
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ECO 301: Economic Theory
Week 5 Assignment: Gross Domestic Product
Part 1
Obtain data about 2012 gross domestic product at www.bea.gov to complete the table below.
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When completing this table, recall that Y = C + I + G + NX.
Use the most recent Consumer price Index reported by the Bureau of Labor Statistics.
GDP and Its Components
Total
(in billions of dollars)
Per Person
(in dollars)
Percent of Total
Gross Domestic Product, Y
Consumption, C
Investment, I
Government purchases, G
Net exports, NX
Part 2
Write a 500-word response to the following:
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Explain the difference between nominal and real GDP and why real GDP is necessary to compare prior years’ data.
Format your paper using West Writing Style Handbook guidelines.
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