the following questions: 1. What was Real GDP for 2009? According to Table 1.1.6. (Real Gross Domestic Product, Chained Dollars) the GDP of 2009 is 14,418 billion dollars (“Table 1.1.6”, 2015). a. What does GDP tell us? GDP is the output of goods and services by labor and property. GDP measures aggregate final production taking place in a country. GDP = Consumption + Investment + Government spending + Net exports (Colander, 2007 pg 159). b. How did GDP change from 2008? According to Table 1.1.6
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What is GDP and why is it so important? The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period - you can think of it as the size of the economy. Usually, GDP is expressed as a comparison to the previous quarter or year. For example, if the year-to-year GDP is up 3%, this is thought to mean that the economy has grown by 3% over the last year
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1. Forecasting (a) Economic Growth: According to Bureau of Economic Analysis GDP increased by 2% in the first quarter of 2012 and by 1.3% in the second quarter. It is likely that this positive trend will be confirmed even in the 3rd quarter of this year. A possible estimate is the mean of the variations of GDP which occurred in the first two quarters of 2012. According to this reasoning GDP would increase by about 1.65% in the 3rd quarter. In order to support this estimate we can
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The economy of India is the tenth-largest in the world by nominal GDP and the third-largest by purchasing power parity (PPP).The country is one of the G-20 major economies and a member of BRICS. On a per-capita-income basis, India ranked 141st by nominal GDP and 130th by GDP (PPP) in 2012, according to the IMF. India is the 19th-largest exporter and the 10th-largest importer in the world. The economy slowed to around 5.0% for the 2012–13 fiscal year compared with 6.2% in the previous fiscal.[15]
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Week 5 Individual Paper Mark Le ECON 212 October 5th, 2011 LAURENCE HAGAN Week 5 Individual Paper Vietnam is a country with a history of a major war and bright future ahead for its people. The country’s GDP is on a constant growth with $97.18Billion in 2009 (World Bank) to $102Billion in 2010 (Bureau of East Asian). All this growth is thanks to many foreign investments in domestic enterprises, especially “Green” technology. Vietnam is currently exporting nearly $15 billion of commodities
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Julian David GDP of Switzerland One for all and all for one. Many people have heard this saying before, but not many people know that this is the motto of Switzerland. In 2002, Switzerland was asked to join the European Union, but immediately declined the invitation. In fact, Switzerland is so great and their government thinks so highly of itself, that they believe that there is no place for them in the European Union. Switzerland ranks
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With China’s GDP growth still hovering around 9.1% YOY, American companies are continuing to set up factories and look into China to boost profits. All-American companies such as Apple and the Gap are expanding into Mainland China to take advantage of cheap labor. In 2009, US foreign direct investment was north of $3.6 billion dollars from $2.8 billion in 2008. However, US companies are still facing issues with piracy and intellectual property rights once setting shop in China. Assistant Secretary
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Economic development is the increase in the standard of living of a population. Economic development includes economic growth among the main criteria. Economic growth is a sustained growth from a simple economy to a modern one. The study of economic development includes theories of the causes, the process, and the policies by which a nation improves the economic, political, and social well-being of its people. Economic development theories relate to the causes of industrial-economic modernization
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. Assume that a typical consumer basket includes 50 bars of each type. Compute a consumer price index for each year and determine the percentage change in the index over the two years. Last year, Jimmy’s consumer basket was $100 worth of Snicker’s bars, and $50 worth of Butterfinger bars for a total consumer basket of $150. This year, Jimmy’s consumer basket is $75 worth of Snicker’s bars, and $87.50 worth of Butterfinger bars for a total consumer basket of $162.50. The percentage change in
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CPI, consumer price index, is used to measure the cost of living or what amounts to the same thing. CPI also measures the change in the amount of money that people need to spend to achieve given standard of living. The CPI is not a perfect measure of cost of living for two reasons. CPI does not measure all the changes in the cost of living. The cost of living rises in a certain product, but only the price of the product increases the CPI and not the quantity. The reason CPI does not calculate
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