Ag Econ 1042
Quiz 5, 30 points
Due March 7, 2013
Name_______KEY___________________
Circle Section: 1 or 8 a.m.
2 or 11 a.m.
Real GDP and Economic Growth
4 points
This exercise is meant to provide some historical perspective for rGDP changes over time. We
may refer back to this later in the course, but for now let’s focus on the GDP data. Graphs should
be stapled to this sheet and easy to read. Use annual data only. Nominal or current dollar GDP
is measured in dollar values of that year. Real or chained dollar GDP is measured using a base
or specific year for all GDP values (adjusted for inflation).
1.
8 points a) Find the “Current Dollar and ‘Real’ Gross Domestic Product” table on
the Bureau of Economic Analysis website. Plot both the current-dollar
or nominal GDP and the real GDP for years 2000 through 2011.
Connect the annual data points. Attach graph to this
cover sheet with a staple (1A). www.bea.gov/national/xls/gdplev.xls
8 points b) Also plot the rGDP for the following periods on a separate graph
1991-2000, 1981-1990, 1971-1980. Attach this graph to cover sheet (1B).
Put these annual rGDP values for all four periods on the same graph. Either color
code or use symbols for each.
6 points c) Find the BEA table titled “Gross Domestic Product: Percent Change”
from preceding period. Using the above breakdowns put these annual rGDP values
(chained dollar) growth rates for all four periods on one table. Either
color code or use symbols to code the four time periods.
www.bea.gov/national/xls/gdpchg.xls
2.
4 points
What were the growth rates for these periods?
1971 – 1980
5834 – 4409.5/4409.5 = 0.323 = 32.3%
1981 – 1990
8027.1 – 5982.1/5982.1 = 0.341 = 34.1%
1991 – 2000
11,216.4 – 8008.3/8008.3 = 0.400 = 40%
2001 – 2011
13,299.1 – 11,337.5/11,337.5 = 0.173 = 17.3%