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Data Exercise #1 Essay

1698 words - 7 pages

Data exercise #1
Name:
Part 1: Expenditures Approach to Calculating GDP
Nominal GDP- the market value of all final goods and services from the nation in a given period of time.
Table 1. Gross Domestic Product or nominal GDP (in Billions of dollars)
| | 2012 | 2013 |
| | III quarter | IV quarter | I quarter | II quarter |
1 | Gross domestic product | 16,356.0 | 16,420.3 | 16,535.3 | 16,661.0 |
2 | Personal consumption expenditures | 11,193.6 | 11,285.5 | 11,379.2 | 11,427.1 |
3 | Gross private domestic investment | 2,493.3 | 2,499.9 | 2,555.1 | 2,621.0 |
4 | Net exports of goods and services | -524.4 | -515.8 | -523.1 | -509.0 |
5 | Government consumption expenditures ...view middle of the document...

I counted the Implicit Price Deflator and found that it equals 1,05% in the third quarter of 2012, 1,06% in the fourth quarter of 2012, 1,06% in the first of 2013, 1,06% in the second of 2013. The nominal GDP was increasing during these for quarters. This caused by changing of real output and price level.
The USA import exceeds export, so U.S. imported more goods and services than exported during this period of time. I think that United States will increase export of the country or increase import because according to the III quarter of 2012 and the II of 2013 we can see that the difference between export and import was going in both nominal and real GDP to the positive side.

Part 2: Income Approach to Calculating GDP
| | 2012 | 2013 |
| | III quarter | IV quarter | I quarter | II quarter |
1 | Gross domestic product | 16,356.0 | 16,420.3 | 16,535.3 | 16,661.0 |
2 | Gross National Product | 16,603.7 | 16,677.3 | 16,772.7 | 16,907.9 |
3 | Net National Product | 14,048.5 | 14,102.3 | 14,168.9 | 14,276.0 |
4 | National Income | 13,962.1 | 14,204.0 | 14,324.5 | 14,438.5 |
5 | Personal Income | 13,701.6 | 14,073.1 | 13,925.9 | 14,065.0 |

The difference between GNP (Gross National Product) and GDP (Gross Domestic Product) is that GNP includes net foreign income rather than net export and imports. GNP adds net foreign investment income. GDP measures the nation’s economy’s performance because it is determined by the market value of all final goods and services made within the borders of the nation. GDP is focused on output rather than who produced it, GDP measures all domestic production.
GDP (Gross Domestic Product) = C + I + G + (X – M)
GNP is focused on who owns the production regardless of where the production takes place. GNP calculates the value of output produced by the people of the region. GNP is basically the GDP of the country plus income earned from overseas investments by residents, minus income earned within the domestic economy by overseas residents.
National income measures the money value of the flow of output of goods and services produced within an economy over a period of time. It also includes income acquired from business done abroad. The national income is used to determine the overall economic health of the country, trends in economic growth, various production sector contributions, future growth and standard of living. National income is used to measure level and economic growth of a country. This year the Gross National Product is higher than National Income. The GNP has made 16,907.9 and NI has 14,438.5.
The main component of national income was compensation of employees. It is estimated that compensation of employees takes up about 55% of national income and includes salaries and fringe benefits.
National Income = G.D.P. + Net Domestic Income from Abroad.
National income from GNP = Wages + Interest + Rent + Profit + Proprietors' Income

Part 3: GDP in Different Countries
Country |...

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