Economics; GDP Questions and Answer


Economics; GDP Questions and Answer


  1. What was Real GDP for 2009?

The real GDP was $ 12.87 trillion


  1. What does GDP tell us?

The output of goods and services produced by labour and property located in the country. It tells us that the GDP of a country is all the amount of money that is earned in the economy and it is a lot. $13,973.7 billion is a lot of money but it is what is earned in an economy and is understandable.

  1. How did GDP change from 2008?

In 2008, the GDP was $12.88 trillion this means that there was a reduction in the GDP of the country.

What caused these changes?

Negative contributions from exports, personal consumption expenditures, equipment and software, and residential fixed investment. That was partly offset by a positive contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, decreased. The largest contributors were a downturn in exports and a much larger decrease in equipment and software. The most notable offset was a much larger decrease in imports. ( Bureau of Economic Analysis)

The changes were caused by the decrease in aggregate demand that affected the consumption component of the GDP. The decrease in aggregate demand was due to an increase in interest rates as a monetary tool that was applied by the federal bank in an effort to decrease the quantity of money that was circulating in the economy. The increase in interest rates also affected the level of investment as loans become more expensive and investments decreased as well.


  1. What was GNP for 2009?

The GNP for 2009 was $ 14,135,520 trillion


  1. What is the difference between GDP and GNP?

GDP is the value of the products and services that are produced within the borders of a country regardless of who produced them, it adds the net export to consumption and investment. GNP focuses on the value of products produced by citizens of a country regardless of where they are. It includes the net foreign income earned from the members in the different countries.

  1. How did GNP change from 2008?

The GNP decreased from the amount that it was in 2008 to the amount in 2009, from 14.33 trillion to $ 14,135,520 trillion

.What caused these changes?

The decrease in salaries and remuneration for the people decreases the amount of money left for transaction purposes and consumption decreases. Speculation about a fall in the international market, especially on the investment made in the emerging markets, made the GNP to decrease.

  1. What was National Income (NI) for 2008?

The national income was $12,332.7 billion

  1. What does National Income tell us?

National income tells us the value of all new products in an economy within a span of one year. It looks at the new and invented products produced within the borders of a country for a span of twelve months.


  1. What is the difference between GNP and NI?

GNP is the value of products produced by citizens of America regardless of where they are, while NI is the measure of economic activities in a country. It measures the level of invention and innovation as well. GNP uses the consumption, investment and foreign net income from abroad i its calculations while NI simply uses the income earned from the new products within the country.

  1. What caused these changes?

Monetary and fiscal policies play great roles in the changes that are experienced at the national level in GNP and NI. Changes in interest rates affect investment, consumption and foreign exchange. Changes in government spending affect investments and also the amount of money circulating in an economy and can lead to or prevent the occurrence of a recession.


  1. What was Disposable Income (DI) for 2009?

The disposable income was $4.3 trillion.

  1. What does Disposable Income consist of?

Disposable income is gross income fewer taxes and other basic charges. It is the amount of money that is available to be used by the person as they please. It can be used for investment or for purchase of consumer durables.

  1. How did I change from 2008?

It had greatly decreased from $6.13 trillion. There were factors that made people either to save more, have less to spend or made people have less money at their disposal.

  1. What caused these changes?

Decreases in the income earned by the people led to a decrease in the level of disposable income. There was also an increase in the amount of taxes charged by the people and deductions for social security and insurance increased as well leaving very little money to be spent for the transaction and speculative purposes.

  1. What was GDP in 2008 (sometimes called GSP) for your state?

Based on the current value of the dollar GSP for Texas was $1.224 trillion. There was a 2% increase in the amount while there was a 6.72% increase in the real GDP.


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