Download the Gross Domestic Product Table from the Bureau of Economic Analysis’ Site and Paste It Into Your Answer.

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Assignment

AB 204
Section 2
August 11, 2012

1. Download the Gross Domestic Product table from the Bureau of Economic Analysis’ site and paste it into your answer. (5 points)

Table 1.1.5. Gross Domestic Product
[Billions of dollars] Seasonally adjusted at annual rates
Last Revised on: July 27, 2012 - Next Release Date August 29, 2012 Line||2010||||2011||||2012||
||I|II|III|IV|I|II|III|IV|I|II|
1|Gross domestic product|14,270.3|14,413.5|14,576.0|14,735.9|14,814.9|15,003.6|15,163.2|15,321.0|15,478.3|15,595.9| 2|Personal consumption expenditures|10,069.1|10,148.3|10,243.6|10,401.9|10,566.3|10,684.9|10,791.2|10,873.8|11,007.2|11,067.5| 3|Goods|3,318.2|3,321.7|3,361.0|3,458.6|3,561.4|3,604.3|3,643.6|3,690.0|3,755.9|3,745.0| 4|Durable goods|1,049.1|1,070.2|1,082.6|1,115.7|1,133.9|1,131.8|1,144.8|1,175.1|1,204.6|1,198.1| 5|Nondurable goods|2,269.1|2,251.5|2,278.4|2,342.9|2,427.5|2,472.4|2,498.7|2,515.0|2,551.3|2,546.9| 6|Services|6,750.9|6,826.6|6,882.6|6,943.3|7,004.9|7,080.6|7,147.6|7,183.8|7,251.3|7,322.5| 7|Gross private domestic investment|1,660.4|1,724.7|1,793.3|1,770.9|1,755.9|1,819.0|1,853.8|1,991.1|2,032.2|2,077.8| 8|Fixed investment|1,627.2|1,683.0|1,683.8|1,721.9|1,722.3|1,784.2|1,857.8|1,909.0|1,959.7|1,994.5| 9|Nonresidential|1,285.8|1,325.2|1,353.8|1,388.8|1,390.8|1,448.0|1,519.4|1,560.1|1,595.5|1,620.7| 10|Structures|362.7|376.6|377.1|389.0|362.4|397.0|421.8|438.2|454.7|458.9| 11|Equipment and software|923.1|948.6|976.8|999.8|1,028.4|1,051.0|1,097.6|1,122.0|1,140.8|1,161.8| 12|Residential|341.3|357.8|330.0|333.1|331.4|336.2|338.5|348.8|364.2|373.8| 13|Change in private inventories|33.2|41.7|109.5|49.0|33.7|34.8|-4.1|82.1|72.6|83.3| 14|Net exports of goods and services|-490.2|-521.1|-533.1|-502.1|-555.4|-572.5|-549.5|-594.8|-615.8|-597.8| 15|Exports|1,751.9|1,814.3|1,861.2|1,950.4|2,030.5|2,092.8|2,133.3|2,120.3|2,157.9|2,187.0| 16|Goods|1,206.1|1,257.3|1,288.1|1,362.6|1,425.8|1,471.8|1,498.5|1,501.9|1,525.8|1,546.0| 17|Services|545.7|557.0|573.0|587.7|604.7|621.0|634.8|618.4|632.1|641.0| 18|Imports|2,242.0|2,335.4|2,394.3|2,452.5|2,585.9|2,665.3|2,682.8|2,715.1|2,773.7|2,784.8| 19|Goods|1,841.2|1,932.6|1,978.3|2,035.8|2,165.2|2,234.9|2,239.6|2,277.3|2,324.3|2,328.2| 20|Services|400.8|402.8|416.0|416.7|420.7|430.4|443.2|437.8|449.3|456.6| 21|Government consumption expenditures and gross investment|3,030.9|3,061.7|3,072.3|3,065.2|3,048.1|3,072.2|3,067.7|3,051.0|3,054.6|3,048.4| 22|Federal|1,193.7|1,225.1|1,239.8|1,233.8|1,215.2|1,234.3|1,227.5|1,211.2|1,207.7|1,210.2| 23|National defense|799.3|815.5|831.6|824.5|804.9|827.7|837.8|812.8|806.4|807.3| 24|Nondefense|394.3|409.6|408.1|409.3|410.3|406.6|389.7|398.4|401.3|402.9| 25|State and local|1,837.2|1,836.6|1,832.5|1,831.4|1,832.8|1,837.9|1,840.2|1,839.7|1,846.9|1,838.2|

The link is:
http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=5&FirstYear=2009&LastYear=2010&Freq=Qtr#[->0]

2. Using information from our textbook and from the following BEA links, define each of the sub components of GDP and discuss their importance. (20 points)

The BEA links are:
http://www.bea.gov/national/pdf/nipa_primer.pdf

“Measuring the Economy: A Primer on GDP and the National Income and Product Accounts” http://www.bea.gov/about/pdf/jep_spring2008.pdf

“Taking the Pulse of the Economy: Measuring GDP”
http://www.bea.gov/scb/pdf/national/nipa/methpap/mpi1_0907.pdf

“An Introduction to the National Income and Product Accounts”

1. GDP is Gross domestic product. GDP is the market value of all the goods and services produced by labor and property located in the country. The GDP is comprised of Sub-Components to the Major Components. The components of Gross Domestic Product (GDP) tell you what that country is good at producing.

2. Personal consumption measures the real value of goods and services purchased by individuals. It is very important because over 70% of what the U.S. produces is for...
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