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Global Economic IssuesEconomics 300Homework Assignment 1Due date: Friday, September 12, 2015. The assignment must be turned in at the start of class. No assignments will be accepted after Friday, September 12, 2015. The assignment should be typed and graphs should be attached as requested. Assignments that are not typed will not receive credit. Define Gross Domestic Product What does real GDP mean? What is the difference between read GDP and nominal GDP?What does real per capita GDP measure?In answering questions 1-4 above, be sure to cite a source. Visit the Bureau of Economic Analysis web site at . On the main page you will find US Economic Accounts, National, and Gross Domestic Product, click there. Click on Interactive Tables: GDP and National Income and Product Account (NIAP) Historical Tables. Click on “Begin using the data”, click on Section 1-Domestic Product and Income, click on Table 1.1.6Use options to select quarterly data from 1950 to most recent data. Include this graph with your assignment. In at most one double spaced page, describe what the graph suggests happened to the economy during this time. Be sure to Compare initial and ending pointsDiscuss the long-term trendShort-term variations (when, how long, depth, frequency, etc) In the same BEA site, using Options and Download, download yearly Real Annual Gross Domestic Product for the US since 1950 to the most recent data into an excel sheet. Find and download the population data from 1950 to currently available data. Calculate Real GDP per capita since 1950. Attach a graph of your results. This graph should have Real GDP per capita on the vertical axis and time on the horizontal axis. What is this variable measuring?In at most one double spaced page, describe what the graph suggests happened to the economy during this time. Be sure to Compare initial and ending pointsDiscuss the long-term trendShort-term variations (when, how long, depth, frequency, etc)When comparing whether on average people are doing better or worse in an economy, which variable should one use: Real Gross Domestic Product or Average Real Gross Domestic Product? Why? Using the graph on question 8, compared to mid-20th century, how is the average American doing? Comparing today to the year you were born; how is the average American doing? ................
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