Candidate Answers Problem Set 1 Winter 2016

Candidate Answers Problem Set 1 Winter 2016 - ECON 402...

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ECON 402 Winter 2016 Candidate Answers Problem Set #1 1. Although GDP is normally reported at the national level, it is also possible to calculate GDP for smaller areas (such as states, or even counties within a state). For this activity go to and retrieve information on GDP for the state of Washington and the state of North Dakota. Obtain the most recent data available. Compare the level of GDP in 2008Q1 versus GDP in 2015 for the two states. How do the two values compare? Analyze what factors you think are driving this difference. GDP in North Dakota in 2015Q2 was $53,686 million; GDP in Washington was $446,096 million. Differences could be caused by different levels of consumption due to population, levels of investment due to differences in financial institutions and the type of industry in North Dakota vs. Washington , differences in exports/imports because both states’ ports
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  • Spring '14
  • Wassell
  • Macroeconomics, Gdp, Keynesian economics, North Dakota

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