11GDP measures the value of new goods and services produced by American owned companies located in the United States.TrueFalse12Of the four spending categories, which is the largest for the United States economy?consumption spendinggovernment spendinginvestment spendingnet export spending13 DConsider the following information about a simple economy that produces two goods across two years. The base year is 2020.DonutsCoffee2020 Price$1.25$1.75What is the value of real GDP in 2021?Round to two decimal places.Type your answer...2020 Quantity 2021 Price80150$1.35$1.952021 Quantity100186

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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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GDP is often used as a measure of well-being. Is it a reasonable measure of well-being? If so, why does Norway with its high standard of living have a relatively low GDP? Why do India and China, with their relatively low standards of living have some of the highest GDP in the world?
Which of the following transactions or activities would be counted in your country’s GDP? Explain your answers. A transportation company acquires a fleet of second-hand vehicles. The same transportation company acquires 1.000 gallons of gas from a foreign company deducted from the net export component of GDP. You buy 10 short-term government bonds. A mining company acquires new government licenses to drill in land the company already owns. You pay for a new haircut at your local hairdresser. Foreign residents buy a bundle of your country’s food specialties on an online retail site. Your parents spend a whole day cooking meals to be handed out to their poorer neighbors. The local government acquires furniture for newly built schools. Two telecommunications companies merge. A non-profit organization buys an apartment to lodge their headquarters.
Although GDP is a reasonably good measure of a nation's economic well-being, it does not necessarily include all factors that contribute to it. Which of the following factors are not accounted for in calculations of the GDP of Canada? Check all that apply. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The parts of a car manufactured in Canada that are produced in the United States The variety of goods available to consumers The loss of enjoyment people suffer when scenic land is converted to commercial use Federal government paycheques to soldiers
If Gdp deflator is equal at 120 it means that : 1- stagflation 2- deflation 3- inflation 4- stability
A mining company acquires new government licenses to drill in land the company already owns. Is this transaction included in the gdp?
Which of the following is NOT included in 2004's GDP? Group of answer choices The profit earned in 2004 from selling a stock that you purchased in 2001. The value of a personal computer produced in 2004 in the United States. The value of a car produced in 2004 in the United States and exported to England. The commission earned by an employment counselor in 2004 when she locates a job for a client.
Which of the following would NOT be included in GDP? US manufacturer making goods in EuropeFinal goods and servicesGoods and services produced during the current yearToyota manufacturing cars in Tennessee
Define GDP and its various components in details.
National Income Accounts (dollar figures are in billions) Expenditures for consumer goods and services $8,200 Exports $1,700 Government purchases of goods and services $2,500 Social Security taxes $1,900 Net investment $1,400 Indirect business taxes $1,400 Imports $1,900 Gross investment $1,800 Corporate income taxes $600 Personal income taxes $1,500 Corporate retained earnings $130 Net foreign factor income $100 Government transfer payments to households $1600 Net interest payments to households $500 On the basis of Table 5.3, the value of the income aggregate that is defined as "the part of disposable income not spent on current consumption" (also known as savings) is Multiple Choice -$500 billion. $500 billion. $370 billion. $8,570 billion.
Part 2: GDP is a measure of our economic well-being, though this measure omits some things that are important in describing how well-off we are. Provide 3 specific examples of things that your think are important to you or to society, but which are omitted from the GDP measure. Reply
Which of the following is NOT included in 2013's GDP? Group of answer choices the commission earned by a headhunter in 2013 when she locates a job for a client the value of a dishwasher manufactured in 2013 but not sold in 2013 the value of a motor that is used in the production of a lawn mower the value of a motorcycle produced in the United States in 2013 and exported to Japan
In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005 (base year = 1996) is 120. Calculate the Real GDP for 2005.

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GDP measures the value of new goods and services produced by American owned companies located in the United States. True False