Economics (McConnell) AP Edition, 19th Edition

Chapter 24: Measuring Domestic Outputand National Income

Web-based Questions

1
Update the key national income and product account numbers Go to the Bureau of Economic Analysis Web site, www.bea.gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables." Select "Frequently Requested NIPA Tables," and find Table 1.1.5 on GDP. Update the data in the left column of the text's Table 24.3, using the latest available quarterly data. Search the full list of NIPA tables to find the latest reported data for national income (NI), personal income (PI), and disposable income (DI). Update the data in the text's Table 24.4 for these three items. By what percentages are GDP, NI, PI, and DI higher (or lower) than the numbers in the table?
2
Nominal GDP and real GDP—Both up? Visit the Bureau of Economic Analysis Web site, www.bea.gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables." Select "Frequently Requested NIPA Tables," and use Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters. Why was nominal GDP greater than real GDP in each of those quarters? What were the percentage changes in nominal GDP and real GDP for the most recent quarter? What accounts for the difference?
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