Recent Question/Assignment
1. U.S. GDP
Group 1: 2010, Group 2: 2011, Group 3: 2012, Group 4: 2013, Group 5: 2014, Group 6: 2015, Group 7: 2016, Group 8: 2017, Group 9: 2018, Group 10: 2019
Data Source: BEA NIPA Tables Section 1. Domestic Product and Income
1) Expenditure Approach (Table 1.1.5) (15 points)
Click a modify button to change first year and last year, scale to billions, and series to annual and click on a refresh table button.
U.S. Nominal GDP (BEA, Year: )
Components $ Billion Proportion of each item over nominal GDP (%)
Nominal GDP
Personal consumption expenditures
Durables
Nondurables
Services
Gross private domestic investment
Nonresidential fixed investment
Residential fixed investment
Change in Inventories
Net Export
Exports
Imports
Government consumption expenditures
Federal
State and Local
2) Income Approach (Table 1.10) (6 points)
U.S. Nominal GDI (BEA, Year: )
Components $ Billion Proportion of each item over nominal GDI (%)
Nominal GDI
Compensation of Employees
Taxes Less Subsidies
Net operating surplus
Consumption of fixed capital
Statistical discrepancy (GDP – GDI)
3) Value Added Approach (Table 1.3.5) (10 points)
U.S. Nominal Value Added (BEA, Year: )
Components $ Billion Proportion of each item over nominal GDP (%)
Nominal GDP
Business
Nonfarm
Farm
Households and Institutions
Households
Nonprofit institutions
General Government
Federal
State and Local
4) Fill out a table below that shows nominal GDP (from above tables), real GDP (Table 1.16), and GDP deflator (calculate it by using a formula) in the year for your group. (4 points)
Year:
Nominal GDP Real GDP GDP Deflator
After the calculation of GDP deflator out of nominal GDP and real GDP, tell me whether the year for your group is the base year or not and why or why not assuming there is inflation.
2. Economic Growth
1) U.S. Economic Growth Over Time (7 points)
Group 1: 19901992, Group 2: 19931995, Group 3: 19961998, Group 4: 19992001, Group 5: 20022004, Group 6: 20052007, Group 7: 20082010, Group 8: 20112013, Group 9: 20142016, Group 10: 20172019
Data Source: U.S. Real GDP per capita by the Federal Reserve Bank of St. Louis.
Click on Edit Graph button and set units as chained 2012 dollars, modify frequency as annual, and aggregate method as average and set the range of time above.
Fill out a table below that shows U.S. real GDP per capita and annual growth rate by calculating the annual growth rate from year to year and showing the equations.
Year U.S. Real GDP per capita ($) Annual Growth Rate (%)

Calculate the average annual growth rate from beginning year to end year by using an approximate method and an accurate method.
GROUP #: 1
Calculate the number of years for real GDP per capita at the end year to double by using an approximate method and an accurate method by using an average annual growth rate calculated above through an accurate method.
2) Economic Growth across Countries (8 points)
Group 1: Australia, Argentina, Bangladesh, Afghanistan in order
Group 2: New Zealand, Brazil, Belize, Congo in order
Group 3: Chile, China, Haiti, Ethiopia in order
Group 4: Croatia, Thailand, Indonesia, Madagascar in order
Group 5: Germany, Cuba, Iran, Sudan in order
Group 6: Greece, Libya, Kenya, Uganda in order
Group 7: South Korea, Romania, Nepal, Yemen in order
Group 8: Taiwan, Panama, Uzbekistan, Niger in order
Group 9: Japan, Turkey, Vietnam, Rwanda in order
Group 10: United Kingdom, Serbia, Egypt, Liberia in order
Data source: GDP per capita (current US$) and GDP per capita growth (annual %) by World Bank.
Fill out a table below that shows four countries for your group and their real GDP per capita and growth rate in the most recent year. Hopefully, your countries have data for 2020 but if not, choose 2019 or previous years but each country should have the same year. Mention the year you choose in the table.
Countries Real GDP per capita ($) Annual Growth Rate (%)
Briefly describe whether there is a catchup effect (convergence) among 4 countries and explain why or why not in that year of your choice.