EC 202 - Aggregate Demand / Aggregate Supply Research Assignment

Part I:Find Current RGDP Data

Step 1:Go to the following the BEA National Income and Product Accounts data pageand select "Begin using the data":https://apps.bea.gov/iTable/index_nipa.cfm

Step 2:Choose "Section 1 - Domestic Product and Income".Note:You will use information fromTable 1.1.6to fill out your data table in Part II of this assignment.

Tips on How to read the data:The data shown is for RGDP and is reported in billions of dollars.For example, in Q4 2018 RGDP was $18,783.5 billion dollars or about $18.8 Trillion.

Part II:Record RGDP Data

Use information from tables 1.1.6 on the BEA website to fill in this table and answer the questions below.

$ Value RGDP Q4 2019 : ___________________

$ Value RGDP Q1 2020:: ___________________

$ Value RGDP Q2 2020: : ___________________

$ Value RGDP Q3 2020: : ___________________

1.How much did RGDP fall between Q1 and Q2 in 2020?

2.How much less was RGDP in Q3 2020 than Q1 2020?

3.Make a graph:

Step 1:Click on the "Chart" button on the right-hand top of the page in table 1.1.6

Step 2:Select "Gross Domestic Product" from the menu on the left hand side.

1.Insert a screen shot of your chart here or take a photo of your graph and submit as a separate file with your assignment submission.

2.Recall the labels used to represent the business cycle.What quarter was the peak in the graph?

3.What quarter was the trough?

Part III - Use the AD - AS Model to Illustrate

Use this graph of Aggregate Demand and Short-Run Aggregate Supply to illustrate the changes to AD, SRAS, RGDP and the price level due to the Covid-19 pandemic.

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