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1. What components of GDP (if any) would each of the following transactions affect? Explain. a) Uncle Fester buys a new refrigerator from a domestic manufacturer. b) Aunt Dolly hires a local contractor to build her a new house. c) The Huang family buys an old Victorian house from the Ellis family. d) You pay a hairdresser for a haircut. e) Ford sells a Mustang from its inventory to the Martinez family. f) Ford manufactures a Focus and sells it to Avis, the car rental company. g) California hires workers to repave Highway 66. h) The federal government sends your grandmother a Social Security check. i) Your parents buy a bottle of French wine. j) Honda expands its factory in Ohio. 2) Fill in the gaps: Real GDP (in 2000 dollars), Nominal GDP (in current dollars), and GDP deflator (base year 2000) Year Real GDP Nominal GDP GDP deflator 1970 3000 1200 1980 5000 60 1990 6000 100 2000 8000 2010 15000 200 2020 10000 300 2030 20000 50000

1. What components of GDP (if any) would each of the following transactions affect? Explain. a) Uncle Fester buys a new refrigerator from a domestic manufacturer. b) Aunt Dolly hires a local contractor to build her a new house. c) The Huang family buys an old Victorian house from the Ellis family. d) You pay a hairdresser for a haircut. e) Ford sells a Mustang from its inventory to the Martinez family. f) Ford manufactures a Focus and sells it to Avis, the car rental company. g) California hires workers to repave Highway 66. h) The federal government sends your grandmother a Social Security check. i) Your parents buy a bottle of French wine. j) Honda expands its factory in Ohio. 2) Fill in the gaps: Real GDP (in 2000 dollars), Nominal GDP (in current dollars), and GDP deflator (base year 2000) Year Real GDP Nominal GDP GDP deflator 1970 3000 1200 1980 5000 60 1990 6000 100 2000 8000 2010 15000 200 2020 10000 300 2030 20000 50000

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
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1. What components of GDP (if any) would each of the following transactions affect? Explain. a) Uncle Fester buys a new refrigerator from a domestic manufacturer. b) Aunt Dolly hires a local contractor to build her a new house. c) The Huang family buys an old Victorian house from the Ellis family. d) You pay a hairdresser for a haircut. e) Ford sells a Mustang from its inventory to the Martinez family. f) Ford manufactures a Focus and sells it to Avis, the car rental company. g) California hires workers to repave Highway 66. h) The federal government sends your grandmother a Social Security check. i) Your parents buy a bottle of French wine. j) Honda expands its factory in Ohio. 2) Fill in the gaps: Real GDP (in 2000 dollars), Nominal GDP (in current dollars), and GDP deflator (base year 2000) Year Real GDP Nominal GDP GDP deflator 1970 3000 1200 1980 5000 60 1990 6000 100 2000 8000 2010 15000 200 2020 10000 300 2030 20000 50000
Transcribed Image Text:1. What components of GDP (if any) would each of the following transactions affect? Explain. a) Uncle Fester buys a new refrigerator from a domestic manufacturer. b) Aunt Dolly hires a local contractor to build her a new house. c) The Huang family buys an old Victorian house from the Ellis family. d) You pay a hairdresser for a haircut. e) Ford sells a Mustang from its inventory to the Martinez family. f) Ford manufactures a Focus and sells it to Avis, the car rental company. g) California hires workers to repave Highway 66. h) The federal government sends your grandmother a Social Security check. i) Your parents buy a bottle of French wine. j) Honda expands its factory in Ohio. 2) Fill in the gaps: Real GDP (in 2000 dollars), Nominal GDP (in current dollars), and GDP deflator (base year 2000) Year Real GDP Nominal GDP GDP deflator 1970 3000 1200 1980 5000 60 1990 6000 100 2000 8000 2010 15000 200 2020 10000 300 2030 20000 50000
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