1. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of the United States is defined as the all in a given period of tim Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021. Scenario Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 27, 2021. Gamewear imports the VR headset into the United States on May 18, 2021. An accountant starts a client's 2021 tax return on April 14, 2022, finishing it just before midnight on April 15, 2022. Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 14, 2021. It sells the latte to a customer immediately. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2021. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2021. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two- door coupe on GDP.) Billy Bonka's, a German chocolate company, produces a chocolate bar at a plant in Pennsylvania on December 9, 2021. A high schooler buys the chocolate bar on December 24. 2021 G Included E

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

100%

Not a previously graded question. Please fill in both blanks below statement and answer bottom questions with either Included or Excluded. 1 . Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021. Bottom choices are: Included or Excluded

**CENGAGE | MINDTAP**

Module Three Quiz

[Back to Assignment](#)

_Attempts_
⠀⠀⠀⠀⠀⠀⠀[_][_][_]⠀⠀⠀⠀⠀ Keep the Highest: 1/2

---

### 1. Activities included (and not included) in the calculation of GDP

The gross domestic product (GDP) of the United States is defined as the ________ all ____________ in a given period of time.

---

Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021.

---

#### Scenario
1. **Gamewear**, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 27, 2021. Gamewear imports the VR headset into the United States on May 18, 2021.

2. An accountant starts a client’s 2021 tax return on April 14, 2022, finishing it just before midnight on April 15, 2022.

3. **Larry’s Lattes**, a U.S. coffee company, produces a latte at its location in Los Angeles on January 14, 2021. It sells the latte to a customer immediately.

4. **Rotato**, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2021. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2021. (**Note**: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.)

5. **Billy Bonka's**, a German chocolate company, produces a chocolate bar at a plant in Pennsylvania on December 9, 2021. A high schooler buys the chocolate bar on December 24.

---

|**2021 GDP**|**Included**|**Excluded**|
|---|---|---|
| Gamewear | ⃝ | ⃝ |
| Accountant | ⃝ | ⃝ |
| Larry’s Lattes | ⃝ | ⃝ |
| Rotato | ⃝ | ⃝ |
| Billy Bonka's | ⃝ | ⃝ |

---

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions