What is Country A’s GDP? What is the composition of GDP by percentage?
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GDP and the Business Cycle INSTRUCTIONS:
It has to have references and be done by midnight Task Type: Individual Project Deliverable Length: 500-700 words Points Possible: 100 Due Date: 3/3/2014 11:59:59 PM CT Click here to add this assignment to your calendar Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. Part I Assume that Country A has a population of 500,000 and only produces one good—cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to import 50,000 more. The government buys 25,000 cars for its police force, and 10,000 cars are bought by companies to transport employees to other locations to work. They also export 65,000 cars to nearby countries for sale. What is Country A’s GDP? What is the composition of GDP by percentage? What is the GDP per capita? How does this relate to Keynesian economics? Part II Go to the Bureau of Economic Analysis on the Department of Commerce Web site, and look up the latest new release for real GDP. Address the following questions after reading the latest release: Where are we in the business cycle? What is the real GDP today? What is the largest component of GDP? What is the smallest component of GDP? What is the fastest growing component of GDP and why? What components of GDP were involved in the change from last month to this month? What is the price index today? What caused the change?
CONTENT:
GDP and business cycleStudent:Professor:Course title:Date:Part IThe Gross Domestic Product (GDP) basically measures the value of economic activity in a particular nation. It is understood as the sum of the market prices or values of every final service or good produced within an economy in a period of time. Country A’s GDP: Assuming 1 car is $2,000, calculating GDP using expenditure approach is as follows:GDP = C + I + G + (X – M), where C, stands for the consumers’ spending; I for investment; G stands for government expenditure; X for exports and M for imports, (X – M) is Net Exports.GDP = 90,000 + 10,000 + 25,000 + (65,000 – 50,000) = 140,000 140,000 x $2,000 = $280,000,000Composition of GDP by percentage:Consumer spending: 90,000/140,000 x 100 = 64.29%Investments: 10,000/140,000 x 100 = 7.14%Government spending: 25,000/140,000 x 100 = 17.86%Net exports (X – M): 15,000/140,000 x 100 = 10.71%GDP per capita GD...
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