Answer to Question #58238 in Macroeconomics for joe
Go to the Bureau of Economic Analysis at this Web site, and look up the latest new release for real GDP. Address the following questions after reading the latest release:
Where is the United States in the business cycle?
What is the real GDP today?
What is the largest component of GDP?
What is the smallest component of GDP?
What is the fastest growing component of GDP, and why?
What components of GDP were involved in the change from last month to this month?
What is the price index today?
What caused the change
Where is the United States in the business cycle? The economy is on an upward business cycle having recorded improvements in various sectors as shown by the economic indicators. During 2015 real GDP increased 2.4 percent
What is the real GDP today? In 2015 GDP was $16,345.0 billions of chained 2009 dollars
What is the largest component of GDP? The largest component in the economy of the United States is personal consumption expenditures as the economy is geared towards the production of goods meant for personal consumption. It contributes in excess of 68% of the GDP.
What is the smallest component of GDP? Exports of goods and services.
What is the fastest growing component of GDP, and why? The fastest growing component of GDP in 2015 was imports because of currency depreciation in USA's trade partners.
What components of GDP were involved in the change from last month to this month? There are various components that were involved in the increase in the GDP that was witnessed over the last two months. These include gross domestic purchases, private inventories, real exports (goods and services), output relating to motor vehicles, computer sales, and a decrease in fixed investments relating to non-residents.
What is the price index today? The price index for gross domestic purchases increased 0.4 percent in 2015
What caused the change? The changes were as a result of a general increase in the gross private domestic investment, net exports, and government expenditure and investment.