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If you read in the newspaper that the United States’ 2015 real
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- Savings and wealth - Although the United States is one of the richest nations in the world, it is also one of the world's largest debtor nation. We often hear that the problem is our low savings rate. Suppose policy makers attempt to rectify this be encouraging greater savings in the economy. What could they do to make you save more? Would raising minimum wage help? What effects would their successful attempts have on GDP? Is this a good or bad idea? What can you do to increase your savings rate? Also, how is wealth related to savings?What are some example possible reasons for a decline in the level of potential GDP?Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
- By How Much Will U.S. GDP Grow Next Year?How Real GDP is measured? Explain Real GDP of the United States at present time.This podcast is a little more straight history than the others we will listen, so there is less obvious discussion questions. But first, what about the history and evolution of GDP did you find most interesting or surprising in this Podcast. Here is the list of countries by GDP per capita and World Happiness Report rankings. Toward the end of the podcast they talk about how GDP has become a measure of quality of life, and maybe that is incorrect. Take a look at these rankings and decide for yourself if GDP is a good proxy for quality of life. What does GDP per capita leave out making it, perhaps, not a great proxy for quality of life. GDP per capita & WHR rankings
- What happens to each sector of the economy when recession occurs?how are you going to describe the economic condition experienced by our country in terms of consumption spending,inflation and employment?What components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion?
- When real GDP declines during a recession, what typically happens to consumption, investment, and the unemployment rate? During an economic boom, what happens to these variables?Consider the following hypothetical data for the U.S. economy in 2018 (all amounts are in trillions of dollars; see pages 179–182).Consumption 11.0 Indirect business taxes .8 Depreciation 1.3 Government spending 3.8 Imports 2.7 Gross private domestic investment 4.0 Exports 2.5e. Based on the data, what is GDP? NDP? NI?f. Suppose that in 2019, exports fall to $2.3 trillion, imports rise to $2.85 trillion, and gross private domestic investment falls to $3.25 trillion. What will GDP be in 2019, assuming that other values do not change between 2018 and 2019?In the US, the Bureau of Economic Analysis (BEA) reports the following information about the US economy for the years 2010 - 2016. All dollar figures are in trillions and have been rounded to the nearest trillion. Some entries are missing from the table. Let's see if you can figure out one of these missing values. 2010 2011 2012 2013 2014 2015 2016 Current-dollar GDP 15.0 15.5 16.2 16.8 17.5 18.2 18.7 GDP in chained 2012 dollars 15.8 16.5 16.9 17.7 chained growth rate of GDP (%) 2.6 1.6 2.5 2.9 1.6 What was real GDP in 2015? a) 16.9 x 1.029 = 17.4b) 16.9 x 1.025 = 17.3c) (16.9 + 17.7)/2 = 17.3d) 17.5 x 1.029 = 18.0
