Question

Question 1

ANALYSIS OF GDP DATA

In addition to tracking national Gross Domestic Product, economists keep track of state-specific GDP. Do a search for “Real Illinois GDP”. Then, just above the graph, click to zoom to '10Y' to see the data in more detail. You can mouse-over the graph to see specific data for each year.

1. Look up GDP data for Illinois, national data, and for a state of your choosing. Record this data on the summary sheet included. Truncate the numbers to the nearest billion.
2. Look up national and state population data for these years to calculate and record the per-capita data. (You can search FRED for “Population Illinois” to find this.)
3. Use the growth formula [^{New – Old}/_Old] to get the 10-year growth rates for each of your datasets. Record this as a percent rounded to one decimal.

Answer 1

GDP of Illinois 2018 (as per statista)	7.64 billion
GDP of Illinois 2008	6.55 billion
Population in 2018 (google)	12700000
Population in 2008 ( google)	12800000
Per capita income 2018	60174.01575
Per capita income 2008	51193.35938
Growth in per capita income ( from 2008-2018)	17.5%
Growth in GDP ( from 2008-2018)	16.6%
Growth in Population ( from 2008-2018)	-0.8%

Per capita Income= GDP/ population

This exercise can be repeated for