Instructions: After reading the appropriate chapter and watching the videos in this module, answer all of the questions listed below. Please write your answers on paper using pen/pencil, write your name on this sheet of paper, take a picture of your assignment, and upload your work into Canvas.
Grading: Typed responses are not accepted, make sure to write this out with a pen or pencil and upload a picture of your assignment.
This assignment is worth a maximum of 15 points. Grades will be based on the degree to which the assignment is complete, the degree to which students show understanding of the material, and the accuracy a student’s response. Of the questions here, one question will be selected at random and graded closely for accuracy.
Show your work and explain your thinking completely. The point here isn’t just to answer correctly but to prove that you understand the material.
1. What are the main components of measuring GDP with what is demanded?
2. As it relates to GDP, what is double counting and why should it be avoided?
3. What is the difference between a series of economic data over time measured in nominal terms versus the same data series over time measured in real terms?
4. How do you convert a series of nominal economic data over time to real terms?
5. List some of the reasons why economists should not consider GDP an effective measure of the standard of living in a country.
6. Should people typically pay more attention to their real income or their nominal income? Explain.
7. Ethiopia has a GDP of $8 billion (measured in U.S. dollars) and a population of 55 million. Costa Rica has a GDP of $9 billion (measured in U.S. dollars) and a population of 4 million. Calculate the per capita GDP for each country and identify which one is higher.
8. What is GDP?
9.Consider an economy characterized by the following data. What is this nation’s Gross Domestic Product?What is the nation’s Gross National Product? What is the nation’s Net National Product?
in Billions
Government Purchases $40
Exports $15
Imports $12
Depreciation $7
Investments $37
Consumption $95
Domestic US businesses production abroad $15
Foreign businesses production in US $6
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