Although GDP is normally reported at the national level, it is also possible to calculate GDP for smaller areas (such as states, or even counties within a state). For this activity go to bea.gov/index.htm and retrieve information on GDP for the state of Washington and the state of North Dakota. Obtain the most recent data available.
A. Using the GDP equation, distinguish what factors may cause these numbers to be different.
B. Using the same two states compare the level of GDP in 2008 versus GDP in 2015. How do the two values compare? Analyze what factors you think are driving this difference