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Economics Homework Help

Assignment 2: What is Gross Domestic Product?

Question description

Go to the following website:

www.bea.gov/index.htm

Based on the information contained on the website above, answer the following questions:

1. What was Real GDP for 2014?
   1. What does GDP tell us?
   2. How did GDP change from 2013?
   3. What caused these changes?
2. What was GNP for 2014?
   1. What is the difference between GDP and GNP?
   2. How did GNP change from 2013?
   3. What caused these changes?
3. What was National Income (NI) for 2014?
   1. What does National Income tell us?
   2. What is the difference between GNP and NI?
   3. How did NI change from 2013?
   4. What caused these changes?
4. What was Disposable Income (DI) for 2014?
   1. What does Disposable Income consist of?
   2. How did DI change from 2013?
   3. What caused these changes?
5. What was GDP in 2013 (sometimes called GSP) for your state?