Data exercise 1 macroeconomics

Data Exercise 1: A Helpful Guide

Part 1: Expenditures Approach to Calculating GDP

On an Internet engine, type www.bea.gov , and when the screen opens, click on the Tools tab and then click on Interactive Data. Then click on GDP and Personal Income tab. When the screen changes, click on Begin Using The Data tab (shown on your left). When the screen opens, click on Section 1 tab to see Table 1.1.5, Table 1.1.6, and Table 1.7.5 listed.

2019:1Q

Gross Domestic Product

$

Personal Consumption Expenditures

$

Gross Private Domestic Investment

$

Net Exports of Goods & Services

$

Government Consumption Expenditures and Gross Investment

$

Insert the data/numbers in a table created above and then answer the questions asked.

*Use the following link, to obtain Real Gross Domestic Product from Table 1.1.6.

http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&903=6

2019:1Q

Gross Domestic Product

$

Personal Consumption Expenditures

$

Gross Private Domestic Investment

$

Net Exports of Goods & Services

$

Government Consumption Expenditures and Gross Investment

$

Insert the data/numbers in a table created above and then answer the questions asked.

Part 2: Income Approach to Calculating GDP

Use the following link, to obtain GDP, GNP, NNP, NI and PI from Table 1.7.5

http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1#reqid=9&step=3&isuri=1&903=43

Insert the data/numbers in a table such as the one below:

2019: 1Q

Gross Domestic Product

$

Gross National Product

$

Net National Product

$

National Income

$

Personal Income

$

Then, answer the questions asked.

Part 3:

Type the address below in the search engine to find data for the U.S. and other countries

http://www.worldbank.org/en/country/unitedstates

That is, go to the search engine and type in www.worldbank.org and click on Countries tab. Each country is listed in an alphabetical order. But, the countries you need to examine are: United States, Japan, China, Mexico, Russia, Switzerland, Sweden and Luxembourg. No other country you select will be accepted, and no credit will be given.

Country

GDP (in million $)

Population (in million)

Per-capita income =(gdp/population) [In US$]

United States

Japan

China

Mexico

Russia

Switzerland

Sweden

Luxembourg

List the countries from highest to lowest in terms of per-capita income

Country

Per Capita GDP (in U.S. dollars)

Part 4:

Accessing Heritage Data for Index of Economic Freedom 2019

Type Index of Economic Freedom 2019 in (Google) Search engine

When the new screen pops up, click on Country Rankings tab that appears below

When the new screen pops up, you will see Find the Country tab located on the right top.

Type the name of the country (one country at a time) and hit enter

You will now be able to view the relevant data

Country

Overall Economic Freedom Score

Index Rank

2)

Country

Property rights

Business freedom

Trade freedom

Financial freedom

3)

Country

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

Overall score

Finally, answer the questions asked.

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