A farmer sells wheat to a baker for $3. The baker uses the wheat to make bread, which is sold for $5. The total contribution of these transactions to GDP is: Select one: O a. $8 O b. $3 O c. $2 O d. $5
Q: In 2018, GM produced 30 cars, of which 25 were sold in 2018 and 5 were added to its inventories. The…
A: Gross domestic product includes value of all final goods and services produced in the economy within…
Q: Suppose in 2009, the United States imported $1.5 billion worth of goods and services and sold $4…
A: Imports are the goods purchased from other country. Exports are the goods sold to other country.…
Q: 37. Which of the following transactions would be included in GDP for 2001? O O O O A. On January 5,…
A: GDP refers to the total monetary value of all final goods and services that a nation can produce in…
Q: n of the following does not contribute to determining the poten a. The price level p. The capital…
A: Given the following question.
Q: A restaurant in the US imports $5,000 of Belgian beer into the U.S. and sells the beer together with…
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: Use the table to answer the question 2015 ET Quantity Price Hotdogs 152 2 T-shirts 92 27 Toy cars 35…
A: Real GDP is the value of a nation’s output of goods and services in a particular year adjusted for…
Q: GDP
A: The measuring of GDP at base year prices depicts the Real GDP. The measuring of GDP at current year…
Q: k Your college bookstore receives a shipment of new economics texts for $60,000. This transaction is…
A: Gross domestic product is the final combination of goods and services in a country. GDP is an…
Q: 2. Consider an economy that produces only two types of fruits: mangos and bananas. The production…
A: Nominal GDP is the value of final goods and services produced in the economy within a given period…
Q: Under the expenditure categories to measure GDP, Why are (exports minus imports) included instead of…
A: The expenditure method of GDP looks at the expenditure side of the economic activities. It is…
Q: U.S. real GDP O A. includes the value of underground production but excludes the value of leisure…
A:
Q: What was the value of real GDP in 2016? The economy of La-la-Land produces only movies and popcorn.…
A: A way of measuring the economic wellbeing of a nation, the GDP is the amalgamation of all the values…
Q: Question 3 The prices and quantities in 2010 and 2015 were as follows. 2010: Good 1 $20/30 items;…
A: The nominal GDP refers to the value of all the goods and services produced in a given fiscal year at…
Q: Ford, an American-owned company, operates a factory in Mexico. The value of the output produced in…
A: The term GDP represents gross domestic product. The total monetary or market value of all finished…
Q: If 2019 is the base year, what is the growth in real GDP from 2020 to 2021?
A: Real GDP is the GDP value which is adjusted to inflation. It is calculated on the basis of a…
Q: 1) Which of the four components of GDP – C, I, G, NX -- will be affected by each of the following…
A: a)Because ticket is purchased,consumption has taken place. Therefore (C) would be affected. b)Here…
Q: Which of the following would not be included in the calculation of this year's GDP? a. a headlight…
A: Gross domestic product (GDP) can be explained as the total of goods and services that are produced…
Q: QUESTION 17 A dairy buys $100,000 worth of milk and spend $10,000 on cartons and utilities. It sells…
A: Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced…
Q: A Texas oil company extracts petroleum and sells it to a refinery for $10,000. After processing, the…
A: GDP: It means the value of finished goods and services in terms of money produced in a country…
Q: Now, from our class discussions I created an example that you inherited the company, --let’s called…
A: Gross Domestic product (GDP) is the sum total of goods and services produced and traded with in the…
Q: Currently, in the U.S. economy, the largest component on the expenditures side of the GDP equation…
A: The economies tend to work upon the basis of the expenditures done by various entities, and the…
Q: Identify the effect on GDP due to the following factors. Factors Effect on GDP An improvement in…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: 3. The value of a 2005 boat you purchase from a boat dealer in 2007 would be counted in 2007's GDP.…
A: "GDP i.e. gross domestic product represents the market value of all the goods and services produced…
Q: Suppose an apartment complex converts to a condominium (i.e., the renters become owners of their…
A: GDP (gross domestic product) of a country is the market value of all final commodities and services…
Q: Jsing the standard expenditure method, the total contribution of this shirt to GDP is $
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 1. In the country of Mieleche, the land of milk and honey, the price of honey has been increasing…
A: The nominal GDP refers to the total output of an economy produced in a given fiscal year at that…
Q: Suppose an economy produces only burgers and bags of fries. In 2010, 4000 burgers are sold at $3…
A: GDP is the value of final goods and services produced in the economy within a given period of time.…
Q: A. Is nominal GDP a flow variable? B. Is real GDP a flow variable? C. Is labor force a…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Shay used to go to Jiffy Lube to have the oil changed in her car, but now she changes the oil…
A: The Wages or labor charges are not included in the GDP as they are already counted as a business…
Q: Which of the following adds to US GDP? O A I chop down a tree on my property and build a table. A…
A: GDP includes market value of all good and services produced within the boundaries of the…
Q: QUESTION 12 In the expenditure approach to GDP, which of the following is excluded from measurements…
A: Introduction: Gross domestic product (GDP) is the total monetary or market worth of all completed…
Q: Household Consumption $6,400 U.S. Exports $500 Government Spending…
A: GDP=C+I+G+(X-M) =6400+1600+2200+(500-700) =10200+(-200) =10200-200=10000
Q: Each of the following activities represent a limitation to using GDP as an accurate measure of…
A: Even while economists love to use GDP as a measure of output or even a measure of a country's…
Q: Use the table to answer the question 2015 Quantity Price Hotdogs 152 T-shirts 92 26 Toy cars 36 11…
A: In order to find chained-dollar real GDP of 2016 in 2015 dollars, we need to find the following:…
Q: Which of the following would NOT be included in this year's GDP? Select one: Oa. The tuition fee for…
A: GDP is the value of final goods and services produced in the economy within a given period of time.
Q: Additions to inventory O a. Add to next year's GDP when goods are actually sold O b. Add to…
A: The economies around the world operate upon the basis of the activities of various entities. These…
Q: During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing…
A: Here GDP will be calculated based on value added in each process
Q: An example of "investment" in computing real GDP using the expenditure approach is the purchase of O…
A: -A 100 year old house bought is already included in GDP when it was newly built . They are already…
Q: Consider an economy that only produces the two goods of Pizza and Calzones. What is Nominal GDP if…
A: Gross domestic product(GDP) measures the money value of all final goods and services produced in an…
Q: Which of the following is NOT part of GDP? O The purchase of new homes by consumers. O Purchases of…
A: GDP or Gross Domestic Product is the sum total of all goods and services that are produced in an…
Q: Calculate GDP using the information in the table below: SBillions Government purchases of goods 1200…
A: since you have asked multiple questions and according to our policy we can only solve the first…
Q: The table below shows the price of inputs and the price of outputs at each step in the production…
A: The objective of the question is to calculate the contribution of a shirt to the Gross Domestic…
Q: 29. Suppose that household consumption is $1,000, investment is $600, government spending is $300,…
A: Given that Household consumption expenditure =$1000 Investment expenditure =$600 Government…
Q: If the size of the underground economy is large, O A. it is relatively easy to gather productivity…
A: GDP refers to the total monetary value of all final goods and services that a nation produces in its…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The table below contains data for the country of Batterland, which produces only waffles and pancakes. The base year is 2011. Prices and Quantities Year 2010 2011 2012 2013 57.9. O 100.0. O 127.8. Price of Waffles O 171.4. $2.00 $2.00 $2.00 $4.00 Quantity of Waffles 80 In 2012, this country's GDP deflator was 100 120 150 Price of Pancakes $1.00 $2.00 $3.00 $3.00 Quantity of Pancakes 100 120 150 200Refer to Table below. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals: Product Quantity Price Sweatshirts 50 $35.00 Dental examinations 40 75.00 Coffee drinks 1,000 4.00 Coffee beans 2,000 0.50 a. $9,750 b. $8,750 c. 3,090 units d. $7,250Product Movies Burgers Bikes 2017 Quantity 20 100 3 Price $6.00 2.00 1,000.00 2020 Quantity 30 90 6 Price $7.00 2.50 1,100.00 A very simple economy produces three goods: movies, burgers, and bikes. The quantities produced and their corresponding prices for 2017 and 2020 are shown in the table. What is real GDP in 2020, using 2017 as the base year? OA. $3,320 B. $3,690 OC. $6,360 D. $7,035 hot 47 PM hot 36 PM hot 52 PM
- Suppose a simple economy produces only two goods, pillows and rugs. In the first year, 5O pillows are produced, and sold at $5 each; 11 rugs are produced, and sold at $50 each. In the second year, 54 pillows are produced, and sold for $6 each; 12 rugs are produced, and sold at $52 each. In the third year, 60 pillows are produced and sell for $7.00 dollars each; 14 rugs are produced and sold for 64 dollars each. Calculate real GDP for each year and the growth rate of real GDP from year 1 to year 2 and from year 2 to year 3..Companies often produce more goods in a year than they end up selling. How do the unsold goods impact GDP in the year they are produced? O The unsold goods are considered inventory and their value will increase investment spending in the year they are produced. O None of these statements is correct. O The unsold goods are not counted until they are sold in a later year. O The unsold goods are considered durable goods, and their value will increase consumption spending in the year they are produced. « Previous Next » ASUS 14 18 E3 [X & 4 8 9. Y 6If nominal GDP is $10 trillion and real GDP is $8 trillion, the GDP deflator is: a. 80, and this indicates that the price level has decreased by 20 percent since the base year. b. 80, and this indicates that the price level has increased by 80 percent since the base year. c. 125, and this indicates that the price level has increased by 25 percent since the base year. d. 125, and this indicates that the price level has increased by 125 percent since the base year.
- Table 8-13 Oranges Price of Shirts Price of Year Produced Oranges Produced Shirts 2016 1,800 $0.90 100 $30.00 2018 2,000 1.00 110 35.00 Consider the data shown above for Vicuna, a country that produces only two products: oranges and shirts. Refer to Table 8-13. Nominal GDP for Vicuna for 2016 equals O $4,620. O $4,920. O $5,850. O $5,100.Use the following table to answer this question The components of GDP in the accompanying table were produced by the Bureau of Economic Analysis. Consumer spending Durable goods Nondurable goods Services Investment spending Fixed investment spending Nonresidential Structures Equipment and software Residential Change in private inventories Net exports Exports Imports Government purchases of goods and services Federal Category National defense Nondefense State and local What is the value of l? O A. $9,710.2B. O B. $2,130.4B. O C. $2,674.8B. O D. $5,794.4B Components of GDP in 2020 (billions of dollars) $1,082.80 2,833.00 5,794.40 2,134.00 1,503.80 480.3 1,023.50 630.2 -3.6 1,662.40 2,370.20 979.3 662.2 317.1 1.695.50The table below shows the price of inputs and the price of outputs at each step in the production process of making a shirt. Assume that each of these steps takes place within the country. Inputs Value of output Cotton Farmer $0 $1.55 Fabric Maker $1.55 Sewing and Printing $3.65 $3.65 $18.20 Instructions: Round your answers to two decimal places. a. Using the standard expenditure method, the total contribution of this shirt to GDP is: b. If we use a value-added method (i.e., summing the value added by producers at each step of the production process, equal to the value of output minus the price of inputs), the contribution of this shirt to GDP is: c. If we mistakenly added the price of both intermediate inputs and final outputs without adjusting for value added, we would find that this shirt contributes: to GDP This overestimates the true contribution by: $
- In 2013, Blackberry bought $100 million in parts in New York and $150 million in parts in Ontario to produce $600 million worth of phones in Ontario. In 2013, Blackberry sold $500 million in phones and paid $200 million in wages, $40 million in interest, and $60 million in rent. Blackberry sold the remaining phones in 2014. Based on this information, what was blackberry's value-added contribution to 2013 Canadian GDP? 1)$600 million 2)$500 million 3)$450 million 4)$350 million 5)$200 millionIn the GDP equation, business spending is referred to as: O Consumption Investment O Government O Net ExportsEconomics Use the table to answer the question 2015 Quantity Price Hotdogs 152 2 T-shirts 92 26 Toy cars 36 11 2016 Quantity Price Hotdogs 163 3 T-shirts 95 30 Toy cars 41 15 Refer to the table above. The table gives the quantities produced and prices in 2015 and 2016. What is chained-dollar real GDP of 2015 in 2016 dollars? O A. 3760.62 O B. 3820.32 O C. 3251 OD. 3342.17 O E. None of the above undefined