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?
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Expert's answer
2016-10-28T12:02:07-0400
• The United States is in the expansion. • The real GDP today is near 16.5 billion dollars. • The largest component of GDP is consumption. • The smallest component of GDP is net exports. • The fastest growing component of GDP is consumption. • All components of GDP were involved in the change from last month to this month. • The price index today is near 2%. • The increase in inflation may cause the change in price index.
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