ECON-160

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ECON 162-A1, A2 Kenny Christianson Fall 2023 due: October 6 PROBLEM SET NUMBER FIVE 1. Assume that the economy of Lateville produces four goods, dates, plates, crates and gates. Dates are their food source. Plates and crates are used for carrying the food; they are good substitutes for each other. The quantities and prices for each of the goods in years one and two are given by the following table: YEAR 1 YEAR 2 good quantity price good quantity price dates 600 $3 dates 800 $4 plates 400 $1 plates 600 $1 crates 300 $2 crates 200 $4 gates 200 $6 gates 300 $8

2. Go to the Bureau of Economic Analysis web page at http://www.bea.gov Click on “Gross Domestic Product” to get to the GDP data page. There are many ways to access the data from here, but the easiest way without printing the data is to click on “ Interactive Tables: GDP and the National Income and Product Account (NIPA) Historical Tables ” and then click on “Begin using data”. Clicking on “Section 1” brings up the list of tables. From here, click on the table links to answer the following questions. You can modify the tables to provide annual data by clicking on the “modify” button. a. Table 1.1.1 shows the percent change in real GDP. What was the percent change in real GDP for 2021? 2022? 2023II (the second quarter of 2023)? 2021: 7.0% 2022: 2.6% 2023: 2.1% How has real GDP been changing in the past two years? What are the major categories in which GDP is measured? Real GDP has decreased by 4.6% and the major categories in which GDP is measured is in Personal consumption expenditures, Gross private domestic investment, and Net exports of goods and services, Government consumption expenditures gross investment b. From Table 1.1.5, find nominal GDP in 2021, 2022 and 2023II. 2021: 24,654.6 Billion 2022: 26,408.4 Billion 2023: 27,063.0 Billion c. From Table 1.1.6, find real GDP in 2021, 2022, and 2023II. 2021: 21,847.6 Billion 2022: 21,990.0 Billion 2023: 22,225.4 Billion

d. Look at Table 1.7.5. What does it show? The table shows the relation of GDP, GNP, NNP, National Income and Personal Income in billions of dollars, seasonally adjusted at annual rates How does the table go from GDP to personal income? The table calculates the Gross national product, then calculates the Net national product, subtracts the statistical discrepancy, which gives you National Income. Then the table subtracts corporate profits, taxes on production and imports, contributions for government social insurance, net interest and miscellaneous payments on assets, business current transfer payments, the current surplus of government enterprises, and adds personal income receipts on assets and personal current transfer receipts. e. Look at Table 2.1. What are the major components of personal income? The major components of personal income are Personal saving as a percentage of disposable personal income, Personal income excluding current transfer receipts (billions of chained 2017 dollars), Disposable personal income, Personal outlays, and Personal disposable income chained (2017) dollars. f. Use Table 1.1.9 to find the implicit price deflators for 2021, 2022 and 2023II. What do these numbers mean? 2021: 115.759 2022: 123.086 2023: 123.221 Government consumption expenditures and gross investment

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3. Go to the following website to read about an alternative measure of economic welfare known as the Genuine Progress Indicator: http://www.sustainwellbeing.net/gpi.html a. According to the website, is GDP a good measure of economic welfare? Why or why not?: It is not a good measure of economic welfare because it does not separate costs from benefits but instead combines productive activities with destructive ones with no distinctions between transactions b. What is the Genuine Progress Indicator? How does it differ from GDP?: The GPI is a new measure of economic well-being and it differs from GDP because it includes economic contributions of family and community realms and it takes into account estimates of the economic contribution of numerous social and environmental factors. It also differentiates between productive and destructive transactions. c. Briefly, how is the GPI calculated?: The GPI is calculated using crime and family breakdown, household and volunteer work, income distribution, resource depletion, pollution, long term environmental damage, changes in leisure time, defensive expenditures, life span of consumer durables and public infrastructure, and dependence on foreign assets,

4. Go to the following website to learn about the global footprint: http://www.footprintnetwork.org/en/index.php/GFN/page/footprint_basics_overview/ Then take these quizzes to determine your own global footprint: http://www.footprintnetwork.org/en/index.php/GFN/page/calculators/ https://www.footprintcalculator.org/home/en After completing the exercises contained on the sites, answer the following questions: a. What is your global (or ecological) footprint?: My ecological footprint is 6.7 b. What are the factors that contribute to your global footprint? The animal based products you eat (especially processed ones), The size of your home and it’s electricity efficiency, How far you travel and the mode of transportation you choose c. What are three concrete steps you could take to reduce your global footprint? Diet and cut food waster, switching to renewable energy, carpool/ walk more rather than waste gas and emissions d. Why do people who live in New York City tend to have smaller footprints? New York City is packed together so many places are walkable and if it isn’t, most people take public transportation which is way more fuel efficient than driving to places yourself.

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