Part 1:a) Create the table that contains the following information for the most recent quarter where data required for this exercise is available. Please note that using the data for previous years and/or previous estimates will produce grade zero for this part of the project.
b) Calculate the percentage (the proportion) of each category in nominal GDP and in real GDP. 
2. Write a report which contains an analysis of the results you received. 
Part 2:
1. Create the table that contains the following information for the most recent quarter where data required for this exercise is available. 
2. Write a report in your own words , 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?
DATA EXERCISE #1
Due at the end of week 3
Format of the Project:
The Data Exercise must be posted to the LEO Student Assignments as a Attachments
are limited to a maximum two files in doc, docx., xls. xlsx., or rtf. formats. OTHER
FORMATS ARE NOT ACCEPTABLE, will not be reviewed or graded.
Please note that hand-written and scanned works, pdf. files, jpg. files, as well as
files posted in google drive, will not be accepted or graded.
Please note that starting from the Fall 2020 semester the UMGC moved to the 7th
Edition of the APA Style. The links to the 7th Edition of the APA Style
methodology are posted in Content – Course Resources – Writing Resources.
No more than 20% of the text of the project should be made up of quotes.
Please note that Use of the 7 th Edition APA Citation Methodology is required for
all parts of the assignment.
Written projects:
1. Must be typed, double-spaced, in 12-point Times New Roman or Arial font, with
one-inch margins
2. Must have the title page in APA-7th style
3. Must have in-text citations in APA-7th edition style
4. Must have reference list in APA-7th edition style. Please note that you must
reference the data you are using for the project
5. Must be prepared using word processing software (Microsoft Word preferred)
Data exercise #1 Assignment
Consists of two parts.
Part 1: Expenditures Approach to Calculating GDP (weight 45% of the assignment
grade)
BEA estimates the nation’s GDP for each year and each quarter. But new GDP
statistics are released every month. Why? Because for each quarter, BEA
estimates GDP three times. The advance estimate, coming about a month after
the quarter’s end, is an early look based on the best information available at that
time. The second estimate and third estimate each incorporate additional
source data that weren’t available the month before, improving accuracy.(
www.bea.gov).
BEA publishes estimates of levels at annual rates (for most series) for ease of
comparisons with related and historical data. For example, in its February 2,
2004 personal income and outlays release, BEA estimated that personal income
for December 2003 was $9,335.8 billion at an annual rate. This is easily
compared to BEA’s estimates of personal income for the fourth quarter of 2003
($9,312.6 billion, at an annual rate) and for the entire year of 2003 ($9,187.4
billion).(www.bea.gov).
Published
January 13, 2006
Complete the following exercise
Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop-down
menu under “Data”, click on “by Economics Account”.
Then click on “National”> “Gross Domestic Product > and “Full Release and Tables”.
(To find “Full Release and Tables” you need to scroll down the page to the section
“Current Release”.
Use table 3 (Gross Domestic Product: Level and Change from Preceding Period).
Tables are located at the end of the Release, so you need to scroll all the way down to
the tables.
The left columns are nominal GDP (and its components) and the right half
represents real GDP (chained 2017 dollars).
a) Create the table that contains the following information for the most recent
quarter where data required for this exercise is available. Please note that
using the data for previous years and/or previous estimates will produce
grade zero for this part of the project.
You need this information from both parts of the table 3- (nominal GDP (and its
components) from left columns and real GDP (chained 2017 dollars) from the
right part of the table 3). Omit the intermediate lines found in Table 3 on the web
site.
∙ Gross domestic product
∙ Personal consumption expenditures
∙ Gross private domestic investment
∙ Net exports of goods and services
∙ Government consumption expenditures and gross investment
b) Calculate the percentage (the proportion) of each category in nominal
GDP and in real GDP.
Using Nominal GDP:
[Personal consumption expenditures / Nominal GDP]*100%
[Gross private domestic investment / Nominal GDP]*100%
[Net exports of goods and services / Nominal GDP]*100%
[Government consumption expenditures and gross investment/ Nominal
GDP]*100%
And using Real GDP:
[Personal consumption expenditures / Real GDP]*100%
[Gross private domestic investment / Real]*100%
[Net exports of goods and services / Real GDP]*100%
[Government consumption expenditures and gross investment/ Real
GDP]*100% Present the information that you received (a) and (b) as a table(s) in
your project.
2. Write a report (2 pages double – spaced), which contains an analysis of
the results you received.
In this report consider, but do not be limited to the following:
1. Why was the nominal GDP greater than the real GDP? By how much? 2. GDP is
composed of a number of categories. What category makes up the largest portion
of GDP? What category makes up the smallest portion of GDP? 3. What is “Gross
private domestic investment”? What does gross private domestic investment
measure?
4. What is “Net exports of goods and services”? Why it is negative? 5. In the left
part of the table 3 (nominal GDP) find the category “National defense”. How much
was the National defense for the last quarter? Calculate percentage of National
defense out of “Government consumption expenditures and gross investment”.
Calculate percentage of National defense out of GDP. 6. Please analyze and
discuss the significance of the data that you received for this Data exercise.
7. Reflect on what you have learned from this exercise.
Part 2: Income Approach to Calculating GDP (weight 45% of the assignment
grade)
Complete the following exercise:
Go to http://www.bea.gov/
Visit the Bureau of Economic Analysis website at www.bea.gov. From the drop
down menu under “Data”, click on “by Economics Account”. Then click on
“National”, “Gross Domestic Product, and “Full Release and Tables”. Use table 7
(Relation of Gross Domestic Product, Gross National Product, and National
Income) and table 8 (Personal Income and its Disposition).
1. Create the table that contains the following information for the
most recent quarter where data required for this exercise is
available.
Please note that using the data for previous years and/or previous
estimates will produce grade zero for this part of the project.
Omit the intermediate lines found in Tables 7 and 8 on the web site.
∙ Gross domestic product
∙ Gross national product
∙ Net national product (you should calculate it as Gross national product minus
Consumption of fixed capital)
∙ National income
∙ Personal income
∙ Personal Disposable Income
∙ Personal Savings
Present the information that you received in your project.
2. Write a report in your own words (2 pages, 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?
7. What calculations must you make to determine Personal Income from National
Income?
8. What calculations must you make to determine Personal Disposable Income and
Personal Savings?
9. Please analyze and discuss the significance of the data that you received
for this Data exercise.
10. Reflect on what you have learned from this exercise.
PRESENTATION OF THE DATA EXERCISE AND USE OF APA CITATION
METHODOLOGY (10%) of the project grade):
∙ Organization, format, and presentation of paper including the title page,
introduction, body, and summary. Begin each section with a subheading; use the
subheadings described in the assignment (3% of the project grade).
∙ Use of tables, figures, and other graphics to summarize and support analysis
presented in the paper. All tables and charts should have the numbering system:
“Table 1”, a substantive title, and a reference to the source of the information.
(3% of the project grade).
∙ Research sources and significance of research information and data, and use of
APA citation methodology (4% of the project grade).

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