2. Limitations of GDP Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The leisure time enjoyed by Americans The costs of overfishing and other overly intensive uses of resources ☐ The parts of a car manufactured in the United States that are produced in Canada Funds spent by city governments to renovate their buildings 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 2017. 2017 GDP Scenario Included Excluded Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 4, 2017. Athleticus imports the pair of sneakers into the United States on May 28, 2017. Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 12, 2017. An elementary school student buys the chocolate bar on December 24. O The Jones family buys an antique silver platter at an auction in upstate New York on March 4, 2017. Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 18, 2017. It sells the hamburger to a customer that same day. Graincorp, a U.S. agricultural company, produces com syrup at a plant in Iowa on September 19, 2017. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2017. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) O