ECON Exercises

This is due by 6pm Arizona time. This needs to be new and with the latest figures from the websites.

Project Descriptions

 

Data Exercises

The purpose of the data exercises is to ensure that you are familiar with the methodology of

collecting data from the Web and analyzing it. These exercises include collecting the

required data, creating a graph or table to present this information, and two to three

double-spaced pages of analysis of the data.

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DATA EXERCISE #1 

consists of four parts

Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade)

Complete the following exercise

Visit the Bureau of Economic Analysis Web site at  www.bea.gov  Select National, then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click “Begin using the data”, and use Section 1 – Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters.

a) Present the information that you received in your project as a table.

b) Write a report (1 page double – spaced), which contains the analysis of the results you received. 

In this report consider, but do not be limited to the following:

  1. Why was nominal GDP greater than real GDP in each of those quarters?
  2. What were the percentage changes in Nominal GDP and real GDP for the most recent quarter?
  3. What accounts for the difference?

Part 2: Income Approach to Calculating GDP (weight 25% of the assignment grade)

Complete the following exercise:

Go to http://www.bea.gov/

Find the information on GDP in billions of current dollars for the past four quarters (in GDP and the National Income and Product Account (NIPA) Historical Tables –click “Begin using the data”- choose Section 1- domestic product and income- table 1.7.5 – Create the table that contains the following information quarterly:

Gross domestic product

Gross national product

Net national product

National income

Personal income

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following:

1. What is the difference between gross domestic product (GDP) and gross national product (GNP)?

2. Based on the table, what calculations must you make to determine GNP from GDP?

3. What is national income (NI)?

4. Which was higher in this year, GNP or NI? By how much?

5. What calculations must you make to determine NI from GNP?

6. What was the main component of NI?

 

Part 3: GDP in Different Countries (weight 25% of the assignment grade)

Complete the following exercise:

Go to World Development Indicators database:

http://ddp-ext.worldbank.org/ext/ddpreports/ViewSharedReport?&CF=&REPORT_ID=9147&REQUEST_TYPE=VIEWADVANCED

Choose the country in the window on the top of the page.

 Fill in the table below. Calculate the per capita GDP for the most recent available year for the countries listed in the table with the equation given in the far right column.

Country

GDP (in millions of U.S. dollars)

Population (in thousands)

Per Capita GDP (in thousands of U.S. dollars)

1

2

3

4 = 2/3

United States

[removed]

[removed]

[removed]

Japan

[removed]

[removed]

[removed]

China

[removed]

[removed]

[removed]

Mexico

[removed]

[removed]

[removed]

Russian Federation

[removed]

[removed]

[removed]

Switzerland

[removed]

[removed]

[removed]

Sweden

[removed]

[removed]

[removed]

Luxembourg

[removed]

[removed]

[removed]

 

Write a short report in your own words (1 page, double-spaced), which contains the analysis of the results you have gotten. In this report consider, but do not be limited to the following:

  1. List the countries by highest per capita GDP to lowest.
  2. Does the order remain the same for total GDP as for per capita GDP?
  3.  If not, explain why is it different?

Part 4: Index of Economic Freedom (weight 25% of the assignment grade)

Log onto the Heritage Foundation’s website at http://www.heritage.org/Index/

“The 2011 Index of Economic Freedom covers 183 countries across 10 specific freedoms such as trade freedom, business freedom, investment freedom, and property rights. The 2011 Index provides an even clearer picture of economic freedom by using data-driven equations which allows countries to be graded between scores of 0 and 100.”

Click on RANKING to find the rank of economic freedom. Lower rank scores indicate a higher level of economic freedom.

Click on EXPLORE to find the rank of business, trade, financial freedom, and property rights.

  1. Find the rank in economic freedom (overall) of the countries listed on the table in part III of the assignment.
  2. Find the rank in business, trade, financial freedom, and property rights of the countries listed on the table in part III of the assignment.
  3. Compare the rank in economic freedom (overall) and other indicators  with the order of the countries using the per capita GDP in the table in part III of the assignment.

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results that you received.

 

DATA EXERCISE #2 

consists of four parts

Part 1: The Unemployment Rate (weight 30% of the assignment grade)

Complete the following exercise

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/empsit.toc.htm. Select Employment Situation Summary.

Write a report (1-2 pages double – spaced) to answer the questions:

  1. What month (and year) is summarized? What was the unemployment rate for that month? How does that rate compare with the rate in the previous month?
  2. What were the unemployment rates for adult women, teenagers, blacks, Hispanics, and whites? How did these rates compare with those a month earlier?
  3. What factors make it difficult to determine the unemployment rate? 
  4. Why is unemployment an economic problem?
  1. What are the noneconomic effects of unemployment?
  2. Who loses from unemployment? 

 

Part 2: The Inflation Rate (weight 30% of the assignment grade)

Complete the following exercise:

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/cpi.toc.htm. Select Consumer Price Index Summary.

Write a report (1-2 pages double – spaced) to answer the questions:

  1. What month (and year) is summarized? What was CPI-U for that month?
  2.  What was the rate of inflation (percentage change in the CPI-U) for the month? How does that rate of inflation compare with the rate in the previous month?
  3. Which two categories of goods or services had the greatest price increase for the month?
  4. Which two categories of goods or services had the lowest price increase (or greatest price decrease) for the month?
  5. Who loses from inflation? 

Part 3 CPI, PPI and GDP deflator – (weight 40% of the assignment grade)

Complete the following exercise:

One of the largest single influences on the level of interest rate is inflation. There are a number of sites that report inflation over time. Go to http://www.gpoaccess.gov/eop/– the home page of the Economic Report of the President. 

Select the following three tables: (a) Choose Table B–63.—Change in special consumer price indexes, (b) Table B–68.— Change in producer price indexes for finished goods; and (c) Table B–3.  Quantity and price indexes for gross domestic product, and percent changes

  • From the table B-63. Copy change in special consumer price indexes All Items Dec. to Dec. for 1970– the most recent year into a separate spreadsheet.
  • From the table B-68  Copy Change in producer price indexes for finished goods  – Total finished goodsDec. to Dec. for 1970 – the most recent year in to the same spreadsheet.
  • From the table B-3  Copy Percent change from preceding period- Gross domestic product (GDP) – GDP  implicit  price  deflator for 1970– the most recent year in to the same spreadsheet.
  • Plot these three series on the same graph. Present the tables and the graph in your report.

b) Write a report (1 page double – spaced), which contains the analysis of the results that you received. 

In this paper consider, but do not be limited to the following:

How inflation is measured? What year had the lowest level of inflation? What year had the highest level of inflation?

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