Essay on ECON 2155
DATA EXERCISE #1
Consists of four parts
Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade)
Complete the following exercise
Visit the Bureau of Economic Analysis Web site at www.bea.gov In U.S. Economic Accounts under National click on Gross Domestic Product (GDP), then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click “Begin using the data”, and use Section 1 - Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters.
a) Present the information that you received in your project as a table.
b) Write a report (1 page double - spaced), which contains …show more content…
1 List the countries by highest per capita GDP to lowest.
1 Does the order remain the same for total GDP as for per capita GDP?
2 If not, explain why is it different?
Part 4: Index of Economic Freedom (weight 25% of the assignment grade)
Log onto the Heritage Foundation's website at http://www.heritage.org/Index/
“Today, we live in the most prosperous time in human history. Poverty, sicknesses, and ignorance are receding throughout the world, due in large part to the advance of economic freedom. In 2014, the principles of economic freedom that have fueled this monumental progress are once again measured in the Index of Economic Freedom, an annual guide published by The Wall Street Journal and The Heritage Foundation, Washington’s No. 1 think tank.
The Index covers 10 freedoms – from property rights to entrepreneurship – in 186 countries. Each of the ten economic freedoms within these categories is graded on a scale of 0 to 100.”
Click on COUNTRY RANKING to find the rank of economic freedom. IMPORTANT – Make sure you use the Rank and not the Overall Score.
Click on EXPLORE THE DATA to find the rank of business, trade, financial freedom, and property rights.
1 Find the rank in economic freedom (overall) of the countries that you were using in