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Macroeconomics Assignments & Disscussions - Assignment Example

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Manufacturing of these materials triggered economic activities in the once sleepy towns of the U.S. Technology shift was needed for mass production of war related…
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Macroeconomics Assignments & Disscussions
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Macroeconomics Assignments & Disscussions

Download file to see previous pages... Two years before Pearl Harbor, the United States was a neutral country, meaning it did not want to be involved in the war since the country was still recovering from the effects of the Great Depression. But after Pearl Harbor, President Franklin Roosevelt sought reason to enter the war. The president said that the only way to fight was to produce weapons and materials for war. This led to economic activities in the once sleepy towns of the U.S. which had been hard hit by the Great Depression (“PBS.org: War Production” par. 1).
Production of war material such as aircraft and aircraft carriers, artillery pieces, tanks and hundreds of thousands of army trucks triggered the growth of the American economy. The United States manufactured more guns and ships than Europe and Japan did. The US had to shift from manufacturing agricultural products to war material (“PBS.org: War Production” par. 4).
This is a report of the U.S. Gross Domestic Product (GDP) for the second quarter of 2014 which has registered at $17,311,300,000,000. GDP, the article explains, is the gross economic output of the country, which may include goods and services. GDP is an economic measure which tells whether the economy is doing fine or not good. The article also explains about nominal in relation to real GDP. Nominal GDP provides information about economic output, with some quarterly output statistics but with no inflation calculation, and is also used for U.S. debt comparison. Debt-to-GDP ratio, which has been calculated at 102%, is an important part of the nominal GDP report. On the other hand, the U.S. per capita for 2013, an economic indicator for every American in the U.S., was estimated at $52,800.
The article clearly explains the amount of GDP the country attained for the second quarter which is more than $17 trillion, but only for the second quarter of this year. It does not only provide news about GDP but it also explains about the U.S. economic output. The ...Download file to see next pagesRead More
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