A final good or service is something that retains no value when factored into the GDP is not a component of another good or service O does not factor into the GDP O is the component for a final product

Q: 80, Legola 20, its GDP was $350 billion, and its GDP defl Iculate Legoland's 1980 GDP in 1990…

A: GDP deflator depicts the product of ratio of nominal GDP and real GDP with 100. GDP deflator=Nominal…

Q: Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all…

A: The gross domestic product (GDP) is a metric used to represent the economic output of a nation. A…

Q: All of the following are components of the expenditure approach to measuring GDP except from: Group…

A: The correct option is : Car dealer in Iowa being paid his monthly salary

Q: Which of the following transactions should or should not be counted in GDP? Answer Yes or No and…

A: We shall answer the first three subparts only. Please resubmit the other parts separately in case…

Q: Which of the following would NOT be counted as a final good for inclusion in GDP? A:   a. sheet of…

A: The sum of the value of goods and services produced in an economy during a particular period is…

Q: If a good produce this quarter goes into inventory then it is included in this. GDP if it is sold in…

A: Gross Domestic Product (GDP): The GDP is defined as the value of all final goods and services…

Q: What does GDP stand for in economics? A) Gross Domestic Profit B) Gross Domestic Price C) Gross…

A: GDP refers to the total monetary value of all final goods and services that a nation produces in its…

Q: Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all…

A: The gross domestic product (GDP) is a measure of a country's economic output. Countries with higher…

Q: indirect business taxes and capital consumption allowance are not income, yet they are included in…

A: Tax is one of the biggest sources for government revenue through which government meets its…

Q: Why the following are not counted in the GDP.intermediate goods,transfer payments, used goods ,non…

A: Intermediate goods are excluded since GDP measures the value of final goods only. Inclusion of…

Q: Gross Domestic Product was designed as a measure of economic activity, specifically a measure of…

A: GDP is used to measure a society’s standard of living, but it is not a thorough indicator since it…

Q: Identify whether or not each of the following transactions would be included in GDP, and if so,…

A: GDP refers to the gross domestic product of the economy which measures the total money value of all…

Q: Consider a simple economy that produces two goods: stickers and seltzers. The following table shows…

A: Nominal GDP measures the value of goods and goods and services produced in the economy at current…

Q: Indicate what components of GDP (if any) each of the following transactions would affect. Check all…

A: Answer in step 2