hw2 handout - ECO 2301.003 Spring 2008 Assignment 2 Due by...

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ECO 2301.003 Spring 2008 Name:_______________________________ Assignment 2 Due March 18, 2008 by 1:00pm 1. Go to http://www.gpoaccess.gov/usbudget/fy09/hist.html . Download the Tables 1.2, 7.1, and 15.5. a. Use a spreadsheet program to graph the total surplus/deficit column in Table 1.2 from 1940 – 2013. Do you think that the government will run a surplus by 2012? What will this depend on? b. Use a spreadsheet program to graph the Gross Federal Debt as a percentage of GDP from 1940 -2013 from Table 7.1. Given your answer above, does the debt assumption for 2012 and 2013 appear to be too high or too low? Why? c. Use a spreadsheet program and Table 15.5 to graph social security and medicare payments as a percentage of GDP and defense and international expenditures as a percentage of GDP from 1948 – 2007. (Put each series on the same graph.) What is going to happen to social security and medicare expenditures over the next 30 years? Why? 2. Define recession. a. Consider the following hypothetical data on GDP and on the GDP deflator. Calculate the real GDP for each quarter. Graph the real GDP over time.
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