ScenarioComponent of GDP affected: C, I, G, NX or Not IncludedDirection of Change (Increase, Decrease or UnaffectedEx: A consumer buys a 2020 Sony LED TV.CIncrease1. A farmer purchases a new tractor. 2. Businesses increase their current inventories. 3. You spend $9 to attend a movie. 4. Worried about consumer confidence, Ford purchased less sheet metal for its cars produced in US. 5. A retired woman cashes her social security check from the government. 6. Sam pays $2,800 a month to rent an apartment. 7. Worried about recession, people now start saving more money. 8. A French pharmaceutical firm purchases 15% of its antibiotics from US in 2020. 9. The US government hires more workers for constructing a bridge in Tennessee. 10. The San Jose District will permanently close a public charter school in 2020. The table above describes several cases that could potentially affect the US 2020 GDP. Please, fill in the blanks by posting your answers below the table.Note: C stands for Consumption, I for Investment, G for Government Spending and NX for Net Exports (=Exports – Imports).

Gross Domestic Product can be calculated using three methods: Expenditure method Income method…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Scenario	Component of GDP affected: C, I, G, NX or Not Included	Direction of Change (Increase, Decrease or Unaffected
Ex: A consumer buys a 2020 Sony LED TV.	C	Increase
1. A farmer purchases a new tractor.
2. Businesses increase their current inventories.
3. You spend $9 to attend a movie.
4. Worried about consumer confidence, Ford purchased less sheet metal for its cars produced in US.
5. A retired woman cashes her social security check from the government.
6. Sam pays $2,800 a month to rent an apartment.
7. Worried about recession, people now start saving more money.
8. A French pharmaceutical firm purchases 15% of its antibiotics from US in 2020.
9. The US government hires more workers for constructing a bridge in Tennessee.
10. The San Jose District will permanently close a public charter school in 2020.

The table above describes several cases that could potentially affect the US 2020 GDP. Please, fill in the blanks by posting your answers below the table.

Note: C stands for Consumption, I for Investment, G for Government Spending and NX for Net Exports (=Exports – Imports).

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