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1. The U.S. Department of Commerce collects economic data about the U.S. economy. This question requires you to go to the http://www.bea.doc.gov web-site and access their gross domestic product statistics. a. What are the most recent Real GDP figures, in chained (1996) dollars? b. What are the most recent Nominal GDP figures? c. How much was national income in the most recent period? How much of that was compensation of employees? d. Petroleum products amount to approximately what percentage of imports of goods and services? 2. Consider the following data for the country of Nettyland:
a. Using 1998 as the base year, calculate Real GDP for 1998 and 1999. b. Using 1999 as the base year, calculate Real GDP output for 1998 and 1999. c. What is Nominal GDP for 1998 and 1999? 3. Use the following information to calculate GDP for Webbyland in 1998. Personal Taxes 800 Payments of Factor Income to Rest of World 200 Depreciation 850 Disposable Personal Income 5200 Corporate Profits Minus Dividends 440 Transfer Payments to Persons 1000 Indirect Taxes Minus Subsidies 500 Receipts of Factor Income From Rest of World 190 Social Insurance Payments 660 Personal Interest Income 300
4. Which of the following transactions would be counted in GDP? Explain why. a. You paint your own kitchen. b. You change the oil in your friend's car and instead of paying you, he mows your lawn. c. You buy a Subway sandwich for lunch. d. Subway buys rolls from a local bakery.
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