Prepare a 4-6 page analysis by answering the questions below. Be sure to cite yo
ID: 2737521 • Letter: P
Question
Prepare a 4-6 page analysis by answering the questions below. Be sure to cite your references using APA format. For this assignment, you should use the information in the textbook and the information found on the official government website: www.bea.gov/index.htm Based on the information contained in the textbook and on the Web site above, answer the following questions:
What does gross domestic product (GDP) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?
What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?
What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?
Does GDP measure the well-being of society? Why or why not?
What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?
Please Help!!!!!
Explanation / Answer
Since details from the book is not available i have answered the below question basis information on the net
1)What does gross domestic product (GDP) tell us?
GDP tell us the total value of goods and currency produced over a specific period in the local currency . In this case the currency is Dollars so GDP will be expressed in dollars
2)How did GDP change from 2008
The GDP post 2008 ie in 2009 the GDP had shown a declining trend but from 2010 it has picked up and increasing over the year
3)What caused these changes?
GDP reduced post 2008 due to factors such as setting in of recession in the economy ,upward movement in government spending
It is the total value of goods and currency produced over a specific period after making inflation or deflation adjustments
Real GDP in 2008 was $14.58 trillion. In 2009 the real GDP dipped, from 2010 the real GDP has shown positive movement
The NI for 2008was $14.79 trillion . The NI tells us the total amount earned within the country . In this case its is US . NI also indicates the country’s economic resources condition . GDP is the total value of goods and currency produced over a specific period in a country while NI tells us the total amount earned within the country . NI in 2009 dropped to $14.49 trillion as total earnings had dropped due to the fall in the product an services income as result of recession setting in .
DI per capita for 2009 was 32166.. DI consists of the income available for saving and spending after deducting taxes. Once again the DI per capita in 2009 reduced to $33229. These changes caused due to low earnings . With economy being hit by recession in2008 the income earned also reduced thereby reducing the i net income for spending and saving
In my opinion GDP does not measure the well being of the society. Reasons being
9) The last quest is not answered as the state name is not mentioned