DATA EXERCISE #1 and 2

Project Descriptions

DATA EXERCISE #1

Consists of four parts

Please note that Use of APA Citation Methodology is required for all parts of the assignment

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.

1. a) Present the information that you received in your project as a table.

2. b) Write a report (1 page double - spaced), which contains the analysis of the results you received.

In this report consider, but do not be limited to the following:

1. Why was nominal GDP greater than real GDP in each of those quarters?

2. What was the percentage change in Nominal GDP for the most recent quarter compared to the previous quarter? What was the percentage change in Real GDP for the two quarters?

3. What accounts for the difference in the two percentages?

Part 2: Income Approach to Calculating GDP (weight 25% of the assignment grade)

Complete the following exercise:

Go to http://www.bea.gov/

Find the information on GDP in billions of current dollars for the past four quarters. In U.S. Economic Accountsunder Nationalclick on Gross Domestic Product (GDP), then click on Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables – click “Begin using the data”- choose Section 1: Domestic Product and Income and find table 1.7.5

Create the table that contains the following information for the last year quarterly. Omit the intermediate lines found in Table 1.7.5 on the web site.

Gross domestic product

Gross national product

Net national product

National income

Personal income

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results you received. In this report consider, but do not be limited to the following:

1. What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference in what GDP measures compared to GNP?

2. Based on the table, what calculations must you make to determine GNP from GDP?

3. What is national income (NI)? What does NI measure?

4. Which was higher in this year, GNP or NI? By how much?

5. What calculations must you make to determine NI from GNP?

6. NI is composed of a number of categories. What category makes up the largest portion of NI?

Part 3: GDP in Different Countries (weight 25% of the assignment grade)

Complete the following exercise:

Go to World Development Indicators database:

http://databank.worldbank.org/data/views/variableSelection/selectvariables.aspx?source=world-development-indicators

The countries for this part of the Data Exercise will be assigned by your professor.

Select the 8 countries assigned for the project by checking the check boxes under Country.

Select the 2 data series GDP (current US$) and Population (Total) under Series.

Select the most recent year under Time.

You can now retrieve that data by clicking one of the options on the upper right of the window. Clicking “Table” will allow you to view and copy the data for each country. Clicking “Download” will allow you to download the data in Excel, which can then be copied into your report table.

Fill in the table below. Calculate the per capita GDP for the most recent available year for the countries with the equation given in the far right column.

Country	GDP	Population	Per Capita GDP
1	2	3	4 = 2/3

Write a short report in your own words (1 page, double-spaced), which contains the analysis of the results you have gotten. In this report consider, but do not be limited to the following:

1. List the countries by highest per capita GDP to lowest.

2. Does the order remain the same for total GDP as for per capita GDP?

3. 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 part III of the assignment.

2. Find the rank in business, trade, financial freedom, and property rights of the countries that you were using in part III of the assignment.

3. Compare the rank in economic freedom (overall) and other indicators with the order of the countries using the per capita GDPin the table in part III of the assignment.

Write a report in your own words (1 page, double-spaced), which contains the analysis of the results that you received.

Grading Rubric for the Data Exercise #1

DATA EXERCISE #1
Part 1: Expenditures Approach to Calculating GDP (25% of the assignment grade)	Virtually no effort to complete part 1 of the exercise; not worthy of credit.	Only a superficial effort to complete part 1 of the exercise.	The project contains some data for expenditure approach in calculating GDP, but the analysis should be considerably more developed	Good effort is made to present and analyze the data in expenditure approach in calculating GDP	Excellent and very thorough development and articulation in presenting and analyzing the data in expenditure approach in calculating GDP
Part 2: Income Approach to Calculating GDP (25% of the assignment grade)	Virtually no effort to complete part 2 of the exercise; not worthy of credit.	Only a superficial effort to complete part 2 of the exercise.	The project contains some data for Income approach in calculating GDP, but the analysis should be considerably more developed	Good effort is made to present and analyze the data in Income approach in calculating GDP	Excellent and very thorough development and articulation in presenting and analyzing the data in Income approach in calculating GDP
Part 3: GDP in Different Countries (25% of the assignment grade)	Virtually no effort to complete part 3 of the exercise; not worthy of credit.	Only a superficial effort to complete part 3 of the exercise.	The project contains required data and calculations of GDP in different countries, but the analysis should be considerably more developed	Very good effort in collecting the required data, calculating of GDP in different countries, and analyzing the results	Excellent and very thorough development and articulation in presenting and analyzing the data of GDP in different coutries
4. Part 4: Index of Economic Freedom (25% of the assignment grade)	Virtually no effort to complete part 4 of the exercise; not worthy of credit.	Only a superficial effort to complete part 4 of the exercise.	The project contains some data about index of Economic Freedom, but the analysis should be considerably more developed	Very good effort in collecting the required data, about index of Economic Freedom, and analyzing the results	Excellent and very thorough development and articulation in presenting and analyzing the data of about index of Economic Freedom.

DATA EXERCISE #2

Please note that Use of APA Citation Methodology is required for all parts of the assignment

Consists of three parts

Part 1: The Unemployment Rate (weight 30% of the assignment grade)

Complete the following exercise

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/empsit.toc.htm . Select Employment Situation Summary.

Write a report (1-2 pages double - spaced) to answer the questions:

1. What month (and year) is summarized? What was the unemployment rate for that month? How does that rate compare with the rate in the previous month?

2. What were the unemployment rates for adult women, teenagers, blacks, Hispanics, and whites? How did these rates compare with those a month earlier?

3. What factors make it difficult to determine the unemployment rate?

4. Why is unemployment an economic problem?

5. What are the noneconomic effects of unemployment?

6. Who loses from unemployment?

Part 2: The Inflation Rate (weight 30% of the assignment grade)

Complete the following exercise:

Visit the Bureau of Labor Statistics Web Site,

www.bls.gov/news.release/cpi.toc.htm . Select Consumer Price Index Summary.

Write a report (1-2 pages double - spaced) to answer the questions:

1. What month (and year) is summarized? What was CPI-U for that month?

2. What was the rate of inflation (percentage change in the CPI-U) for the month? How does that rate of inflation compare with the rate in the previous month?

3. Which two categories of goods or services had the greatest price increase for the month?

4. Which two categories of goods or services had the lowest price increase (or greatest price decrease) for the month?

5. Who loses from inflation?

Part 3: Unemployment Data by Labor Force Groups and Duration (40% of the project grade)

Go to https://www.whitehouse.gov/administration/eop/cea/economic-report-of-the-President/2015

- the home page of the Economic Report of the President.

Scroll down and Click on the link download individual tables as Excel

This link is located below Appendix B: Statistical Tables Relating to Income, Employment, and Production.

1. Find unemployment data (Table B–12.—Civilian unemployment rate) for the following four years 1995, 2000, 2005, and the last available year. Use four labor force groups: males, and females, in each case 16 to 19 years of age, versus 20 years of age or over. Present the result in your project as a table.

2. Use the Economic Report of the President (Table B–13.—Unemployment by duration and reason) to find data on the duration of unemployment in 1995, 2000, 2005, and the last available year. Present the result in your project as a table.

Write a report (1-2 pages double-spaced) about the results you received.

In this paper consider, but do not be limited to the following:

· Compare the distribution of unemployment by duration over these years. What relationship, if any, do you find?

· Starting in the early 1990s many U.S. firms downsized their operations. In your opinion, how did this affect the duration of unemployment?

· Demographic studies show that the proportion of teenagers and minorities in the U.S. population is likely to increase in the near future. In your opinion, what implications, if any, will this trend have on the naturalrate of unemployment?

Grading Rubric for the Data Exercise #2

DATA EXERCISE #2
Part 1: The Unemployment Rate (30% of the assignment grade)	Virtually no effort to complete part 1 of the exercise; not worthy of credit.	Only a superficial effort to complete part 1 of the exercise.	The project contains some data for the unemployment rate, but the analysis should be considerably more developed	Good effort is made to present and analyze the data in the unemployment rate.	Excellent and very thorough development and articulation in presenting and analyzing the data in the unemployment rate.
Part 2: The Inflation Rate (30% of the assignment grade)	Virtually no effort to complete part 2 of the exercise; not worthy of credit.	Only a superficial effort to complete part 2 of the exercise.	The project contains some data for the inflation rate, but the analysis should be considerably more developed	Good effort is made to present and analyze the data in the inflation rate.	Excellent and very thorough development and articulation in presenting and analyzing the data in for the inflation rate.
Part 3: Unemployment Data by Labor Force Groups and Duration (40% of the assignment grade)	Virtually no effort to complete part 3 of the exercise; not worthy of credit.	Only a superficial effort to complete part 3 of the exercise.	The project contains required data for Unemployment by Labor Force Groups and Duration, but the analysis should be considerably more developed	Very good effort in collecting Unemployment Data by Labor Force Groups and Duration, and analyzing the results	Excellent and very thorough development and articulation in presenting and analyzing the data Unemployment Data by Labor Force Groups and Duration .