For each of the following expenditures, indicate whether it would be counted as part of the US GDP. Choose... A local bakery buys sugar from a foreign producer, to make cakes that it then resells Choose... You buy a slice of cake from a local bakery Yes You buy flour from a US producers No Toyota sells 1000 cars that were built last year in the US Choose.. A local movie theatre buys popcorn from an US producer Choose...

For each of the following expenditures, indicate whether it would be counted as part of the US GDP. Choose... A local bakery buys sugar from a foreign producer, to make cakes that it then resells Choose... You buy a slice of cake from a local bakery Yes You buy flour from a US producers No Toyota sells 1000 cars that were built last year in the US Choose.. A local movie theatre buys popcorn from an US producer Choose...

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In the economy of Ukzten in 2010, consumption was $3,000, exports were $400, GDP was $5,000, imports were $600, and investment was $1,100. What were Ukzten's government purchases in 2010?
John owns a small farm in central lowa. John has been using the same resources to grow the same amount and quality of potatoes each year on the farm for 25 years. Is John helping to drive growth in real GDP? Because John is not adding additional value each year by doing something better than he did the year before, he is contributing to GDP; but he is not driving growth in real GDP. John is using land as a factor of production and making something with it; thus, he is driving growth in real GDP. John is adding value by growing potatoes, so each year he contributes to driving growth in real GDP. Because John is not adding additional value each year by doing something better than he did the year before, he both not contributing to GDP nor driving growth in real GDP.
Imagine that the United States produces only three goods: apples, bananas, and carrots. The quantities produced and the prices of the three goods are listed below: Goods Apples Bananas Carrots Quantities Produced Prices ($) 7 2.00 10 24 1.00 1.50 Instructions: Round your answers to two decimal places. a. U.S. GDP is: $ b. Suppose that a drought hits the state of Washington. This drought causes the quantity of apples produced to fall to 4. Assuming that all prices remain constant, the new U.S. GDP is: $ c. Assume, once again, that the quantities produced and the prices of the three goods are as listed in the table. Now, given this situation, carrot sellers decide that the price of carrots is too low, so they agree to raise the price. If the U.S. GDP is $70.00, the new price of carrots is: $ per carrot.
Which of the following best describes the relationship between net exports and national savings? a. Net Exports = National Savings – Investment b. Net Exports = Private Savings - Investment c. Net Exports = Investment - National Savings d. There is no relationship between net exports and national savings.
If General Motors builds cars in Germany, is their value counted in Germany's GDP?
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