2 part economic data exercise and a combined total of a 5 page essay

Application 2: Laying the Foundation for New Approaches to Practice
May 4, 2021
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May 4, 2021


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DATA EXERCISE #1

Format of the Project:

The Data Exercise must be posted to the LEO Student Assignments as a Attachments are limited

to a maximum two files in doc, docx., xls. xlsx., or rtf. formats. OTHER FORMATS ARE NOT

ACCEPTABLE, will not be reviewed or graded.

Please note that hand-written and scanned works, pdf. files, jpg. files, as well as files posted

in google drive, will not be accepted or graded.

The paper should be written in APA style Research Paper format.

Please note that Use of APA Citation Methodology is required for all parts of the assignment

Written projects must be:

1.

typed, double-spaced, in 12-point Times New Roman or Arial font, with margins no

wider than one inch

2.

have footnotes or endnotes, with correct citations

3.

have a bibliography of sources used

4.

include, for each entry, the author, title, city and state of publisher, publisher’s name,

year, and page numbers

5.

prepared using word processing software (Microsoft Word preferred), in a manner similar

to the preparation of a written assignment for classroom submission

Data exercise #1 Assignment

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 website at

www.bea.gov

. From the drop-down

menu under “Data”, click on “by Economics Account”. Then click on “National”, “Gross

Domestic Product, and “Full Release and Tables”. Use table 3 (Gross Domestic Product:

Level and Change from Preceding Period). The left columns are nominal GDP (and its components) and the right half represents real GDP (chained 2012 dollars)

a) Create the table that contains the following information for the last quarter. You need this information from both parts of the table 3- (nominal GDP (and its components) from left columns and real GDP (chained 2012 dollars) from the right part of the table 3). Omit the intermediate lines found in Table 3 on the web site.

Gross domestic product

Personal consumption expenditures

Gross private domestic investment

Net exports of goods and services

Government consumption expenditures and gross investment

1.

b)

Calculate the percentage (the proportion) of each category in nominal GDP and

in real GDP.

Using Nominal GDP:

[Personal consumption expenditures / Nominal GDP]*100%

[Gross private domestic investment / Nominal GDP]*100%

[Net exports of goods and services / Nominal GDP]*100%

[Government consumption expenditures and gross investment/ Nominal GDP]*100%

And using Real GDP:

[Personal consumption expenditures /

Real

GDP]*100%

[Gross private domestic investment /

Real

]*100%

[Net exports of goods and services /

Real

GDP]*100%

[Government consumption expenditures and gross investment/

Real

GDP]*100%

Present the information that you received in 1 (a) and 1 (b) as a table(s) in your project.

2.

Write a report (2 pages double – spaced), which contains an analysis of the results

you received.

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

1.

Why was the nominal GDP greater than the real GDP? By how much?

2.

GDP is composed of a number of categories. What category makes up the largest portion

of GDP? What category makes up the smallest portion of GDP?

3.

What is “Gross private domestic investment”? What does gross private domestic

investment measure?

4.

What is “Net exports of goods and services”? Why it is negative?

5.

In the left part of the table 3 (nominal GDP) find the category “National defense”. How

much was the National defense for the last quarter? Calculate percentage of National

defense out of “Government consumption expenditures and gross investment”. Calculate

percentage of National defense out of GDP.

6.

Please analyze and discuss the significance of the data that you received for this Data

exercise. Reflect on what you have learned from this exercise.

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

Complete the following exercise

:

Go to

http://www.bea.gov/

Visit the Bureau of Economic Analysis website at

www.bea.gov

. From the drop-down

menu under “Data”, click on “by Economics Account”. Then click on “National”, “Gross

Domestic Product, and “Full Release and Tables”. Use table 7 (Relation of Gross

Domestic Product, Gross National Product, and National Income) and table 8 (Personal

Income and its Disposition).

1.

Create the table

that contains

the following information for the last year

quarterly.

Omit the intermediate lines found in Tables 7 and 8 on the web site.

Gross

domestic

product

Gross

national

product

Net

national

product

National

income

Personal

income

2. 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)? What is the difference in what GDP measures compared to GNP?

2.

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

3.

What is national income (NI)? What does NI measure?

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.

NI is composed of a number of categories. What category makes up the largest portion of

NI?

7.

Please analyze and discuss the significance of the data that you received for this Data

exercise. Reflect on what you have learned from this exercise.



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

Complete the following exercise

:

Go to World Development Indicators database:

http://databank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=world-

development-indicators

a)

Select 8 countries for your project by checking the check boxes under Country.

b)

Select the 2 data series GDP (current US$) and Population (Total) under Series.

c)

Select the most recent year under Time.

d)

Choose

Layout

on the upper left side of the screen. Under Orientation choose

“Page” for

Time, “

Column

”

for

Series

, “Row” for

Country.

e)

Retrieve data.

You can now retrieve data by clicking on the options on the right

upper side of the window.

Clicking “Table” will allow you to see data.

Click

“

Download options

” and choose “

Data on this page only – formatted

”. This

option will allow you to download the data in Excel, which can then be copied

into your report file. Or you can simply type the required data into the table

below. Fill in the table below.

f)

Present the table in your project.

g)

Calculate the per capita GDP for the most recent available year for the countries

with the equation given in the far right column.

Country

GDP

Population

Per Capita GDP

1

2

3

4 = 2/3



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?

4.

Please analyze and discuss the significance of this data and reflect on what you have

learned from this exercise.

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

Log onto the Heritage Foundation’s website at

https://www.heritage.org/index/

“

Today, we live in the most prosperous time in human history. Poverty, sicknesses, and

ignorance are receding throughout the world, due in large part to the advance of economic

freedom. In 2018, the principles of economic freedom that have fueled this monumental progress

are once again measured in the

Index of Economic Freedom

, an annual guide published by The

Heritage Foundation, Washington’s No. 1 think tank.

For over twenty years the

Index

has delivered thoughtful analysis in a clear, friendly, and

straight-forward format. With new resources for users and a website tailored for research and

education, the

Index of Economic Freedom

is poised to help readers track over two decades of

the advancement in economic freedom, prosperity, and opportunity and promote these ideas in

their homes, schools, and communities.

The Index covers 12 freedoms – from property rights to financial freedom – in 186 countries.”

Click on

COUNTRY RANKING

to find the rank of economic freedom. IMPORTANT – Make

sure you use the Rank and not the Overall Score.

Click on

EXPLORE THE DATA

to find the rank of business, trade, financial freedom, and

property rights.

1.

Find the rank in economic freedom (overall) of the countries that you were using in part

III of the assignment.

2.

Find the rank in business, trade, financial freedom, and property rights of the countries

that you were using 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.

4.

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

5.

Write a report

in your own words

(1 page, double-spaced), which contains the

analysis of the results that you received. Discuss the significance of the data and

what you feel is the relevance of rankings. Please reflect on what you have learned

from this assignment.

 

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