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Economics, 15/e
Campbell R. McConnell, University of Nebraska, Emeritus
Stanley L. Brue, Pacific Lutheran University
Chapter 7 Measuring Domestic Output, National Income, and the Price Level
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Web-Based Questions
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Web-Based Questions
- Web-Based Question: Nominal
and real GDP-visit the BEA Visit the Bureau of Economic Analysis website,
www.bea.doc.gov, and select GDP and Related Data. Under "Time
Series Estimates," identify the current-dollar GDP (nominal GDP) and
real GDP data for the past four quarters. Why was current-dollar GDP higher
than real GDP in each of those quarters? What were the percentage changes
in current-dollar GDP and real GDP for the most recent quarter? How do those
percentage changes compare to those for the prior three quarters?
- Web-Based Question: Per capita
gross domestic product The OECD (Organization for Economic Cooperation
and Development), at www.oecd.org/std/nahome.htm,
provides through its "Selected On-Line Statistics" an annual comparison
of levels of GDP per capita based on both exchange rates and purchasing power
parities (PPPs). Rank the current top 10 countries using each method. According
to information at this website, how do the rankings differ? Which method do
you think is a more realistic indicator of "output per person"?
What explains the difference in Canada’s per capita income calculated by using
exchange rates and that calculated by using PPPs?
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Origin of the Idea
Analogies, Anecdotes, and Insights