Project Descriptions Data Exercises The purpose of the data exercises is to ensure that you are familiar with the methodology of collecting data from the Web and analyzing it. These exercises include collecting the required data, creating a graph or table to present this information, and two to three double-spaced pages of analysis of the data. ************************************************************************** DATA EXERCISE #1  consists of four parts Part 1: Expenditures Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise Visit the Bureau of Economic Analysis Web site at  www.bea.gov  Select National, then Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables, click “Begin using the data”, and use Section 1 - Tables 1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real GDP for the past four quarters. a) Present the information that you received in your project as a table. b) Write a report (1 page double - spaced), which contains the analysis of the results you received.  In this report consider, but do not be limited to the following: 1. Why was nominal GDP greater than real GDP in each of those quarters? 2. What were the percentage changes in Nominal GDP and real GDP for the most recent quarter? 3. What accounts for the difference? Part 2: Income Approach to Calculating GDP (weight 25% of the assignment grade) Complete the following exercise: Go to http://www.bea.gov/ Find the information on GDP in billions of current dollars for the past four quarters (in GDP and the National Income and Product Account (NIPA) Historical Tables –click “Begin using the data”- choose Section 1- domestic product and income- table 1.7.5 -Create the table that contains the following information quarterly: Gross domestic product Gross national product Net national product National income Personal income Write a report in your own words (1 page, 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)? 2. Based on the table, what calculations must you make to determine GNP from GDP? 3. What is national income (NI)? 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. What was the main component of NI? Part 3: GDP in Different Countries (weight 25% of the assignment grade) Complete the following exercise: Go to World Development Indicators database: http://ddp-ext.worldbank.org/ext/ddpreports/ViewSharedReport?&CF=&REPORT_ID=9147&REQUEST_TYPE=VIEWADVANCED Choose the country in the window on the top of the page.  Fill in the table below. Calculate the per capita GDP for the most recent available year for the countries listed in the table with the equation given in the far right column. Country GDP (in millions ...

1. Project Descriptions
Data Exercises
The purpose of the data exercises is to ensure that you are
familiar with the methodology of
collecting data from the Web and analyzing it. These exercises
include collecting the
required data, creating a graph or table to present this
information, and two to three
double-spaced pages of analysis of the data.
*****************************************************
*********************
DATA EXERCISE #1
consists of four parts
Part 1: Expenditures Approach to Calculating GDP (weight 25%
of the assignment grade)
Complete the following exercise
Visit the Bureau of Economic Analysis Web site at
www.bea.gov Select National, then Interactive Tables: GDP
and the National Income and Product Account (NIPA) Historical
Tables, click “Begin using the data”, and use Section 1 - Tables
1.1.5 and 1.1.6 to identify the GDP (nominal GDP) and real
GDP for the past four quarters.
a) Present the information that you received in your project as a
table.
b) Write a report (1 page double - spaced), which contains the
analysis of the results you received.
In this report consider, but do not be limited to the following:
1. Why was nominal GDP greater than real GDP in each of
those quarters?
2. What were the percentage changes in Nominal GDP and real
GDP for the most recent quarter?
3. What accounts for the difference?

2. Part 2: Income Approach to Calculating GDP (weight 25% of
the assignment grade)
Complete the following exercise:
Go to http://www.bea.gov/
Find the information on GDP in billions of current dollars for
the past four quarters (in GDP and the National Income and
Product Account (NIPA) Historical Tables –click “Begin using
the data”- choose Section 1- domestic product and income- table
1.7.5 -Create the table that contains the following information
quarterly:
Gross domestic product
Gross national product
Net national product
National income
Personal income
Write a report in your own words (1 page, 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)?
2. Based on the table, what calculations must you make to
determine GNP from GDP?
3. What is national income (NI)?
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. What was the main component of NI?
Part 3: GDP in Different Countries (weight 25% of the
assignment grade)
Complete the following exercise:
Go to World Development Indicators database:
http://ddp-
ext.worldbank.org/ext/ddpreports/ViewSharedReport?&CF=&R
EPORT_ID=9147&REQUEST_TYPE=VIEWADVANCED
Choose the country in the window on the top of the page.
Fill in the table below. Calculate the per capita GDP for the

3. most recent available year for the countries listed in the table
with the equation given in the far right column.
Country
GDP (in millions of U.S. dollars)
Population (in thousands)
Per Capita GDP (in thousands of U.S. dollars)
1
2
3
4 = 2/3
United States
Japan
China
Mexico
Russian Federation
Switzerland
Sweden

4. Luxembourg
Write a short report in your own words (1 page, double-spaced),
which contains the analysis of the results you have gotten. In
this report consider, but do not be limited to the following:
1. List the countries by highest per capita GDP to lowest.
2. Does the order remain the same for total GDP as for per
capita GDP?
3. If not, explain why is it different?
Part 4: Index of Economic Freedom (weight 25% of the
assignment grade)
Log onto the Heritage Foundation's website at
http://www.heritage.org/Index/
“The 2011 Index of Economic Freedom covers 183 countries
across 10 specific freedoms such as trade freedom, business
freedom, investment freedom, and property rights. The 2011
Index provides an even clearer picture of economic freedom by
using data-driven equations which allows countries to be graded
between scores of 0 and 100.”
Click on RANKING to find the rank of economic freedom.
Lower rank scores indicate a higher level of economic freedom.
Click on EXPLORE to find the rank of business, trade, financial
freedom, and property rights.
1. Find the rank in economic freedom (overall) of the countries
listed on the table in part III of the assignment.
2. Find the rank in business, trade, financial freedom, and
property rights of the countries listed on the table in part III of
the assignment.
3. Compare the rank in economic freedom (overall) and other
indicators with the order of the countries using the per capita
GDP in the table in part III of the assignment.

5. Write a report in your own words (1 page, double-spaced),
which contains the analysis of the results that you received.
DATA EXERCISE #2
consists of four parts
Part 1: The Unemployment Rate (weight 30% of the assignment
grade)
Complete the following exercise
Visit the Bureau of Labor Statistics Web Site,
www.bls.gov/news.release/empsit.toc.htm. Select Employment
Situation Summary.
Write a report (1-2 pages double - spaced) to answer the
questions:
1. What month (and year) is summarized? What was the
unemployment rate for that month? How does that rate compare
with the rate in the previous month?
2. What were the unemployment rates for adult women,
teenagers, blacks, Hispanics, and whites? How did these rates
compare with those a month earlier?
3. What factors make it difficult to determine the unemployment
rate?
4. Why is unemployment an economic problem?
1. What are the noneconomic effects of unemployment?
2. Who loses from unemployment?
Part 2: The Inflation Rate (weight 30% of the assignment grade)
Complete the following exercise:
Visit the Bureau of Labor Statistics Web Site,
www.bls.gov/news.release/cpi.toc.htm. Select Consumer Price
Index Summary.
Write a report (1-2 pages double - spaced) to answer the
questions:
1. What month (and year) is summarized? What was CPI-U for
that month?
2. What was the rate of inflation (percentage change in the
CPI-U) for the month? How does that rate of inflation compare

6. with the rate in the previous month?
3. Which two categories of goods or services had the greatest
price increase for the month?
4. Which two categories of goods or services had the lowest
price increase (or greatest price decrease) for the month?
5. Who loses from inflation?
Part 3 CPI, PPI and GDP deflator - (weight 40% of the
assignment grade)
Complete the following exercise:
One of the largest single influences on the level of interest rate
is inflation. There are a number of sites that report inflation
over time. Go to http://www.gpoaccess.gov/eop/- the home page
of the Economic Report of the President.
Select the following three tables: (a) Choose Table B–63.—
Change in special consumer price indexes, (b) Table B–68.—
Change in producer price indexes for finished goods; and (c)
Table B–3. Quantity and price indexes for gross domestic
product, and percent changes
· From the table B-63. Copy change in special consumer price
indexes All ItemsDec. to Dec. for 1970-- the most recent year
into a separate spreadsheet.
· From the table B-68 Copy Change in producer price indexes
for finished goods - Total finished goods - Dec. to Dec. for
1970 - the most recent year in to the same spreadsheet.
· From the table B-3 Copy Percent change from preceding
period- Gross domestic product (GDP) - GDP implicit price
deflator for 1970-- the most recent year in to the same
spreadsheet.
· Plot these three series on the same graph. Present the tables
and the graph in your report.
b) Write a report (1 page double - spaced), which contains the
analysis of the results that you received.
In this paper consider, but do not be limited to the following:
How inflation is measured? What year had the lowest level of
inflation? What year had the highest level of inflation?
*****************************************************

7. *************************Evaluation Rubrics
An evaluation rubric is available for the Data exercises. The
evaluation rubric outlines the specific requirements and
elements of the assignment. It is suggested that the rubric be
used as a guideline for the content, preparation, and completion
of the assignment.
The rubric will be used for the evaluation and grading of the
final research project.
Evaluation Rubrics for Data exercise #1
F
D-, D, D+
C-, C, C+
B-, B, B+
A-, A, A+
Category
DATA EXERCISE #1
Part 1: Expenditures Approach to Calculating GDP (25%)
Virtually no effort to complete part 1 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 1 of the exercise.
The project contains some data for expenditure approach in
calculating GDP, but the analysis should be considerably more
developed

8. Good effort is made to present and analyze the data in
expenditure approach in calculating GDP
Excellent and very thorough development and articulation in
presenting and analyzing the data in expenditure approach in
calculating GDP
Part 2: Income Approach to Calculating GDP (25%)
Virtually no effort to complete part 2 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 2 of the exercise.
The project contains some data for Income approach in
calculating GDP, but the analysis should be considerably more
developed
Good effort is made to present and analyze the data in Income
approach in calculating GDP
Excellent and very thorough development and articulation in
presenting and analyzing the data in Income approach in
calculating GDP
Part 3: GDP in Different Countries (25%)
Virtually no effort to complete part 3 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 3 of the exercise.
The project contains required data and calculations of GDP in
different countries, but the analysis should be considerably
more developed
Very good effort in collecting the required data, calculating of
GDP in different countries, and analyzing the results
Excellent and very thorough development and articulation in
presenting and analyzing the data of GDP in different coutries
4. Part 4: Index of Economic Freedom (25%)
Virtually no effort to complete part 4 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 4 of the exercise.
The project contains some data about index of Economic
Freedom, but the analysis should be considerably more
developed
Very good effort in collecting the required data, about index of

9. Economic Freedom, and analyzing the results
Excellent and very thorough development and articulation in
presenting and analyzing the data of about index of Economic
Freedom.
Evaluation Rubrics for Data exercise #2
F
D-, D, D+
C-, C, C+
B-, B, B+
A-, A, A+
Category
DATA EXERCISE #1
Part 1: The Unemployment Rate (30%)
Virtually no effort to complete part 1 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 1 of the exercise.
The project contains some data for the unemployment rate, but
the analysis should be considerably more developed
Good effort is made to present and analyze the data in the
unemployment rate.

10. Excellent and very thorough development and articulation in
presenting and analyzing the data in the unemployment rate.
Part 2: The Inflation Rate (30%)
Virtually no effort to complete part 2 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 2 of the exercise.
The project contains some data for the inflation rate, but the
analysis should be considerably more developed
Good effort is made to present and analyze the data in the
inflation rate.
Excellent and very thorough development and articulation in
presenting and analyzing the data in for the inflation rate.
Part 3: CPI, PPI and GDP deflator (40%)
Virtually no effort to complete part 3 of the exercise; not
worthy of credit.
Only a superficial effort to complete part 3 of the exercise.
The project contains required data and the graphs in CPI, PPI
and GDP deflator, but the analysis should be considerably more
developed
Very good effort in collecting the required data, creating the
graphs in CPI, PPI and GDP deflator, and analyzing the results
Excellent and very thorough development and articulation in
presenting and analyzing the data and the graph of CPI, PPI and
GDP deflator.

11. Project-Related Questions
All questions related to this assignment should be referred to
me through the LEO classroom discussion or the Project
Dicussions so all students can benefit from the questions and
answers.
As these are new and challenging assignments for many of you,
your questions may well serve to better define what I really
want and expect, which can lead to better reports!