U.S. Economic Growth - What are the latest rates?  Go to the Bureau of Economic Analysis web site at http://www.bea.gov/. Click on "Interactive Data Tables," then "GDP and Personal Income". Next, Click on "Begin Using Data", followed by "Section 1", and "Domestic Product and Income" to get to table 1.1.1

 

1. What is the latest quarter for which information is presented?
2. What are the quarterly growth rates (annualized) for the U.S. economy for the last six quarters? 
3. Is the average of those growth rates above or below the long-run U.S. annual growth rate of 3.5 percent?
4. Expand the range of years, if necessary (click on "Modify" in the upper right hand corner), to find the last time real GDP declined for two or more successive quarters. What are those quarters?

 

 

QUESTION 2

 

What's up with productivity?  Visit the Bureau of Labor Statistics web site, http://www.bls.gov/. Find "Productivity" in the "Latest Numbers" Section on the right side of the page. Click on the little green graph icon to the right of "Productivity" to find historical data for the last 10 years. This will take you to a graph and table titled "Major Sector Productivity and Cost".

 

1. What is the latest quarter for which data is presented?
2. What is the quarterly growth rate for each of the last six quarters?
3. Is the average rates of the last six quarters higher or lower than the 1.4 percent average annual growth rate of productivity during the 1973-1995 period?

 

 

QUESTION 3

 

Productivity and technology - Examples of innovations. Recent innovations are increasing productivity. Go to the Timeline of Historic Inventions at http://en.wikipedia.org/wiki/Timeline_of_historic_inventions. Scroll down until you find the inventions made starting in the 1940s. Look at them and later inventions. 

 

1. Cite five technological "home runs" (for example, the transistor in 1947)
2. Cite five technological "singles" (for example, the personal stereo in 1977). 
3. Which one invention do you think has increased productivity the most?
4. List two innovations since 1990. How might they have boosted productivity?

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