Based on the information contained in the textbook and on the Web site above, an
ID: 1217832 • Letter: B
Question
Based on the information contained in the textbook and on the Web site above, answer the following questions: 1.What does gross domestic product (GDP) 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 was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes? 4.Does GDP measure the well-being of 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?
Explanation / Answer
Answers:
1. What does gross domestic product (GDP) 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?
The GDP tells us the total dollar value of all goods and services produced over a specific time.
The GNP in 2008 was 14.35 trillion, so between 2008 and 2009 the GNP reduced.
The change would be caused by a decrease in the market value of goods and services by labour and property.
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?
The National Income in 2008 was 14.79 trillion.
The national income tells us how much money is being earned within the United States. The national income helps track the health of the country’s economic resources.
The GNP measures the market value of goods and services, while the National Income tells us how much income is being generated by those goods and services.
This change would be caused by a decrease of income being generated the goods and services by labour and property.
3. What was disposable income (DI) for 2009? What does disposable income consist of? How did DI change from 2008? What caused these changes?
The Disposable Income for 2009 was 9,836.7
The Disposable Income consists of income a person has after taxes are removed.
The DI was less in 2009 than in 2008. In 2008 it was 10,119.5
According to the data, it probably was a result of the GDP and GDI both lowering.
4. Does GDP measure the well-being of society? Why or why not?
In general, the development of the country depends on the GDP. If more GDP means the country exist a well being society otherwise not. Because it depends on the all of the requirements of the country’s people like health, wealth, income and etc.,
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