Wk2A2 Measuring the Economy’s Performance
Prepare a 4-6 page analysis by answering the questions below. Be sure to cite your referenced using APA format. For this assignment, you should use the information in the textbook and the information found on the official government website: www.bea.gov/index.htm. Textbook is Mankiw, N. Principles of Economics. (7th ed). Cengage Learning
Based on the information contained in the textbook and on the Web site above, answer the following question:
1. What does gross domestic product (GPD) tell us? How did GDP change from 2008? What caused these changes? What is real GDP? What was real GDP in 2008 and has it changed since 2008?
2. What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008? What caused these changes?
3. What wass disposable income (DI) for 2009? What does disposable income comsist of? How did DI change from 2008? What caused thses changes?
4. Does GDP measure the well-being od society? Why or why not?
5. What was GDP in 2008 (sometimes called GSP) for your state? How does your state rate when compared to other states?