GDP Statistics
The U.S. Commerce Department's Bureau of Economic Analysis is responsible
for gathering and reporting Gross Domestic Product statistics.
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Access Table
1.1.5. Gross Domestic Product.
Using the statistics in this table, complete the first three columns,
nominal GDP, in the table below. You are gathering statistics for the second
quarter of 2001, the third quarter of 2001, and the fourth
quarter of 2001.
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When you have completed the first three colums (nominal GDP), access Table
1.1.6. Real Gross Domestic Product.
Using the statistics in this table, complete the fourth, fifth and
sixth columns, Real GDP, in the table below. Once again, you are gathering
statistics for the second quarter of 2001, the third quarter
of 2001, and the fourth quarter of 2001.
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Compare the changes in the nominal GDP statistics for the second quarter
of 2001 and the third quarter of 2001, and for the third quarter of 2001
and the fourth quarter of 2001.
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What impression does this data give you regarding the functioning of the
U.S. economy between the second and third quarters of 2001? Between the
third and fourth quarters of 2001?
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What categories of spending increased? Which, if any, categories of spending
decreased?
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Compare the changes in the real GDP statistics for the second quarter of
2000 and the third quarter of 2001 and for the third quarter of 2001 and
the fourth quarter of 2001.
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What impression does this data give you regarding the functioning of the
U.S. economy between the second and third quarters of 2001? Between the
third and fourth quarters of 2001?
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What categories of spending increased? Which, if any, categories of spending
decreased?
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Finally, access Table 1.1.4.
Price Indexes for Gross Domestic Product to observe the price index
data used in the adjustment process for the fourth quarter of 2001. Use
the Implicit price deflator for each category. Is the same price
index used to adjust all the nominal GDP category data ? Why or
why not?
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Nominal GDP 2001 Quarter II
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Nominal GDP 2001 Quarter III
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Nominal GDP 2001 Quarter IV
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Real GDP
2001 Quarter II
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Real GDP
2001 Quarter III
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Real GDP
2001 Quarter IV
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Price Index 2001 Quarter IV
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Gross Domestic Product
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Personal Consumption
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Durable Goods
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Nondurable Goods
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Services
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Gross Private Investment
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Net Exports
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U.S. Exports
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U.S. Imports
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Government Expenditures
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Federal Expenditures
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National Defense
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Nondefense
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State & Local Expenditures
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U.S. net exports are a small percentage of U.S. GDP. Nonetheless, exports
and imports are important to the functioning of the U.S. economy. The following
question is based on Web Question number 1 from chapter 6 of the McConnell
website.
The U.S.
Census Bureau lists the top trading partners of the United States (for
imports exports added together) as well as the top 10 countries with which
the United States has a trade surplus and the top 10 countries with which
the United States has a trade deficit.
Using the current year-to-date data, compare the top 10 countries with
which the U.S. has a trade surplus and the top 10 countries with which
the U.S. has a trade deficit with the U.S.’s top 10 trading partners. Are
deficit and surplus countries equally represented in the top 10 trading
partners list, or does one group dominate the list? The top 10 trade partners
represent what percent of U.S. imports and what percent of U.S. exports?
(Once you are in the Census Bureau’s website, click on “Current Month”
and “Surplus” to determine the top 10 countries with which the U.S. has
a trade surplus. Then click on “Current Month” and “Deficit” to determine
the top 10 countries with which the U.S. has a trade deficit. Finally,
click on “Current Month” and “Total Trade” to determine the U.S.’s top
10 trading partners.)
McConnell
Website
Economic Links
My Homepage
ECO 211
Last updated March 3, 2004
Send comments to:
jbremer@oakton.edu