During 2009, the leather company produced enough leather for 20 couches. The couch manufacturing company bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2010. The couch manufacturing company produced 16 couches during 2009 and sold each one during that year for $3,000. What was the contribution to GDP for 2009? Select one: a. $52,000 a. $52,000 b. $64,000 b. $64,000 c. $48,000 c. $48,000 d. $68,000

Q: Calculate GDP in the following economy given this information: Consumer purchases: $100 per year…

A: GDP or the gross domestic product is the value of all final goods and services which are newly…

Q: look at this (Links https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/) article…

A: "GDP (gross domestic product) measures the value of all finished goods and services produced within…

Q: Which of the following are included in this year’s GDP? Explain your answer in each. The income of a…

A: GDP computes the monetary value of final goods and services—that is, those that are purchased by the…

Q: Which of the following would increase the consumption component of U.S. GDP? Select one: OA. A Baton…

A: GDP refers to the gross domestic product that refers to the monetary value of all final goods and…

Q: An economy produces only 1,000,000 computers valued at $2,000 each. Of these, 200,000 are sold to…

A: Investment refers to the amount of financial expenditure planned on investment commodities like…

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

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

Q: Identify the contribution to this year's GDP by entering a numerical value. Do not enter dollar…

A: GDP refers that Gross domestic product which means that cost of production of goods and services by…

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: Problem #28- Last year, a small nation with abundant forests cut down $200 worth of trees. $100…

A: The Gross Domestic Product (GDP) is the summation of the money value of all the final goods and…

Q: 2. Accounting for trade in goods and services Consider the following transactions that occur during…

A: Gross domestic product is the sum of domestic spending (equal to consumption spending, investment…

Q: Which of the following would increase the consumption component of U.S. GDP? Select one: OA. A Baton…

A: GDP refers to the gross domestic product that refers to the monetary value of all final goods and…

Q: Suppose that a farmer grows wheat, which she sells to a miller for $10. The miller turns the wheat…

A: 1) Farmer sold wheat to miller for= $10 Miller sell flour to baker for= $55 Baker sells bread to…

Q: During 2009, the leather company produced enough leather for 20 couches.  The couch manufacturing…

A: GDP: The GDP is the value of all finished goods and services or products produced in the economy…

Q: In the following situations, explain what is counted (or is not counted) in this year’s GDP. Apple…

A: GDP refers to the total value of all the final goods and services produced within the economy during…

Q: Which of the following would be included in GDP, the purchase of staplers from Staples by a car…

A: GDP represents the total monetary value of all final goods and services produced within a country…

Q: You just bought an old car a couple years ago for $1,000 and put about $5,000 of parts and labor…

A: Secondhand goods, such as used cars, are excluded from GDP calculations.  When these things were…

Q: Ms. Blume and Mr. Simon both live in Iowa. In February, a car dealer in Iowa bought a new,…

A: GDP: GDP or gross domestic product is the sum of the value of all end commodities produced within…

Q: Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100…

A: Final value of book shelves = $250 Value of unused lumber in inventory = $(150-100)= $50 Value of…

Q: GDP is a good and useful measure of general economic activity for each of the following reasons…

A: Answer: Option C (The total value of GDP is lower if the distribution of income is lower and less…

Q: In 2013, Blackberry bought $100 million in parts in New York and $150 million in par Ontario to…

A: In 2013, Blackberry bought $150 million in parts in Ontario to produce $600 million worth of phones…

Q: Tom is an organic gardener.  For several years, he produced only for his own consumption.  Last…

A: GDP or Gross Domestic Product can be defined as the sum total of the market value of all final goods…

Q: Suppose a group of British investors finances the construction of a plant to manufacture skateboards…

A: GDP refers to the aggregate value of total output of all goods and services produced within the…

Q: Which of the following transactions would be included in GDP? There are 2 correct answers. 1. $50…

A: Gross domestic product (GDP) is the market value of goods and services that are produced in the…

Q: Which of the following are counted in this year GDP? Justify your answer. a) A local car dealer sold…

A: Gross Domestic Product refers to the value of all the finished goods and services produced inside…

Q: Which spending category of GDP does each of the following transactions count in? Please enter the…

A: suppose,C= Consumption.I= Investment.G= Government spending.NX= Net export.N=None. We can enter the…

Q: What components of GDP, if any, would each of the following transactions affect? Explain. a) Jahzara…

A: GDP can be computed in three approach, using expenditures, incomes, or production. According to the…

Q: Suppose the information in the following table is for a simple economy that produces only four goods…

A: GDP is the gross domestic product.  GDP is the market value of all final goods and services produced…

Q: Ben is a farmer who grows oranges. In the current year Ben produces oranges valued at $54,087, half…

A: GDP refers that Gross domestic production which means value addition of production of goods and…

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

A: Answer in step 2