Homework Help is Here – Start Your Trial Now!
Business
Economics
For this question, assume that GDP records the economic activity that takes place on each calendar year, that is, from January 1 to December 31. Next, suppose that on January 1 of any given yearyou purchase 10 gallons of gasoline at $2.80 per gallon. The gas station purchased the gasoline the previous week, that is, the previous year, at a wholesale price (transportation included) of $2.60 per gallon. Using the expenditure approach, this transaction would be recorded as OA $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). B. $28 in consumption spending. C. a $2 increase in domestic value added. OD. $28 consumption spending plus inventory investment of -$26. According to the income approach, this transaction would be recorded as OA. a $2 increase in domestic value added. OB. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OC. $28 in consumption spending OD. $28 consumption spending plus inventory investment of -$26. According to the product approach, this transaction would be recorded as OA a $2 increase in domestic value added. OB. $28 in consumption spending OC. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OD $2R consumatinn snendinn nlius inventory investment of -526

For this question, assume that GDP records the economic activity that takes place on each calendar year, that is, from January 1 to December 31. Next, suppose that on January 1 of any given yearyou purchase 10 gallons of gasoline at $2.80 per gallon. The gas station purchased the gasoline the previous week, that is, the previous year, at a wholesale price (transportation included) of $2.60 per gallon. Using the expenditure approach, this transaction would be recorded as OA $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). B. $28 in consumption spending. C. a $2 increase in domestic value added. OD. $28 consumption spending plus inventory investment of -$26. According to the income approach, this transaction would be recorded as OA. a $2 increase in domestic value added. OB. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OC. $28 in consumption spending OD. $28 consumption spending plus inventory investment of -$26. According to the product approach, this transaction would be recorded as OA a $2 increase in domestic value added. OB. $28 in consumption spending OC. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OD $2R consumatinn snendinn nlius inventory investment of -526

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

Please no written by hand and no image 

D For this question, assume that GDP records the economic activity that takes place on each calendar year, that is, from January 1 to December 31. Next, suppose that on January 1 of any given yearyou purchase 10 gallons of gasoline at $2.80 per gallon. The gas station purchased the gasoline the previous week, that is, the previous year, at a wholesale price (transportation included) of $2.60 per gallon. Using the expenditure approach, this transaction would be recorded as OA. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). B. $28 in consumption spending. OC. a $2 increase in domestic value added. D. $28 consumption spending plus inventory investment of -$26. According to the income approach, this transaction would be recorded as A. a $2 increase in domestic value added. OB. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OC. $28 in consumption spending OD. $28 consumption spending plus inventory investment of -$26. According to the product approach, this transaction would be recorded as OA. a $2 increase in domestic value added. OB. $28 in consumption spending. OC. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OD $28 consumatinn snendinn nlus inventory investment of -$26
Transcribed Image Text:D For this question, assume that GDP records the economic activity that takes place on each calendar year, that is, from January 1 to December 31. Next, suppose that on January 1 of any given yearyou purchase 10 gallons of gasoline at $2.80 per gallon. The gas station purchased the gasoline the previous week, that is, the previous year, at a wholesale price (transportation included) of $2.60 per gallon. Using the expenditure approach, this transaction would be recorded as OA. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). B. $28 in consumption spending. OC. a $2 increase in domestic value added. D. $28 consumption spending plus inventory investment of -$26. According to the income approach, this transaction would be recorded as A. a $2 increase in domestic value added. OB. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OC. $28 in consumption spending OD. $28 consumption spending plus inventory investment of -$26. According to the product approach, this transaction would be recorded as OA. a $2 increase in domestic value added. OB. $28 in consumption spending. OC. $2 paid to the factors of production at the gas station (wages of employees, interest, taxes, profits). OD $28 consumatinn snendinn nlus inventory investment of -$26
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS