41. (Table: Three-Good Economy I) Suppose an economy produces only the three finished goodsshown in the table. The table gives information on the quantities produced and the prices ofgoods sold in 2008 and 2009. If prices in 2008 are used to calculate real GDP, what is the realGDP in 2008?ProductComputersPizzasBurgersQuantity (2008)2590180A) $20,134B) $21,134C) $25,260D) $26,260Price (2008)$800.009.001.80Quantity (2009)3010020021134-31,400Price (2009)$1,000.0010.002.00

Real GDP is the value of final goods and services produced in the economy during a period, adjusted…

Answered: 41. (Table: Three-Good Economy I)…

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

Problem 3CQQ

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What are the main components of measuring GDP with what is produced?
2. 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 2018. 2018 GDP Scenario Included Excluded Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 17, 2018. Calculo imports the calculator into the United States on May 21, 2018. Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 13, 2018. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2018. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) Zippycar, a U.S. automobile company, produces a convertible at a…
6) The following table describes the economic activities of a hypothetical economy in a given vear. Calculate the value-added at each step of the economic activities and its contribution to GDP. Item Seller Buyer Price ($) Value added ($) Kilogram of Farmer Factory 6 Lemons Liter of lemon juice Liter of lemon juice used as salad dressing Factory Restaurant 10 Restaurant Consumers 16
2. 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 2020. 2020 GDP Scenario Included Excluded Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2020. It sells the table to a college student on December 24. You chop down a cherry tree on your property in California and make a dining room table in 2020. A similar table sells for $800 in a local furniture store. Zippycar, a U.S. automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 21, 2020. It sells the car at a dealership in San Francisco on February 10, 2020. Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 10, 2020. Athleticus imports the pair…
4 The components of GDP (2020) in the accompanying table were produced by the Bureau of Economic Analysis. (15) Category Consumer spending Durable goods Nondurable goods Services Private investment spending Fixed investment spending Nonresidential Structures Equipment Intellectual Property Products Residential Change in private inventories Net exports Exports Imports Government purchases of goods and services and investment spending Federal National defense Nondefense State and local a. Calculate consumer spending. (billions of current dollars). $1,616.4 3,037.4 9,393.7 _3,697.4 2,799.6 _597.2 1,123.9 1,078.5 897.8 -59.6 2,123.4 2,774.6 1,501.8 881.3 620.5 2,357.8 b. Calculate private investment spending. c. Calculate net exports. d. Calculate government purchases of goods and services and investment spend e. Calculate gross domestic product
6) The following table describes the economic activities of a hypothetical economy in a given year. Calculate the value-added at each step of the economic activities and its contribution to GDP. Item Seller Buyer Price ($) Value added ($) Kilogram of Lemons Famer Factory 6. Liter of lemon juice Factory Restaurant 10 Liter of lemon juice used as salad dressing Restaurant Consumers 16
economics
2
Calculate the Gross Domestic Product according to the picture provided.
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity Ford Escape SUV's $24,485 307,069 $24,645 308,296 F-Series Trucks $44,400 820,799 $47,800 896,764 A. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. B. Determine the growth rate of nominal GDP (if Ford were the entire economy). C. Determine the growth rate of real GDP (if Ford were the entire economy).
(Expenditure approach to GDP). You have the following annual information about a hypothetical economy (all figures are in billion dollars) Personal taxes 25 Exports 20 Depreciation 15 Personal consumption 100 Government transfer payment 30 Government purchases 55 Gross private Domestic Investment 50 Imports 40 WHAT IS THE VALUE OF GDP? WHAT IS THE VALUE OF NET EXPORTS? WHAT IS THE VALUE OF NET DOMESTIC INVESTMENT?
The table contains price and quantity information for two vehicle models produced by Ford Motor Company, the F-series trucks and Escape SUVs. 2016 2016 2017 2017 price quantity price quantity ford escapes $24,485 307,069 $24,645 308,296 ford trucks $44,400 820,799 $24,645 896,764 a. Calculate the amount contributed by Ford to U.S. GDP (real and nominal) from the sales of the two models in 2016 and 2017. b. Determine the growth rate of nominal GDP (if Ford were the entire economy). c. Determine the growth rate of real GDP (if Ford were the entire economy).

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