Identify as included or not included in gdpYou buy a classic 1965 Ford Mustang that is in perfectcondition.The government buys 100 new F-22 Raptors fighter jetGMC Car Company buys 100 tons of steeluse in carframes.You buy 100 shares of Apple stock as a retirement fundinvestment.Amazon builds a new warehouse in AustinBMW a German company produces new cars in SouthCarolinaJim makes dinner at homeBetty takes her family to dinner at a restaurantWalter White sells $1 million dollars of illegal drugs: Included in GDP:: Not Included in GDP

GDP is the value of all final goods and services produced in an economy over a period of time. It…

Answered: Identify as included or not included in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on the GDP information in the table below for 2 countries: Country A Country B GDP per capita in 2020 $30,000 $25,000 GDP per capita in 2021 $32,000 $30,000 Group of answer choices Countries A and B have improved their standard of living in 2021, but A’s living standards have lowered compared to B. Country A has improved their standard of living in 2021 more than country B. Countries A and B have improved their standard of living in 2021 but A has higher standards of living than B. Country B has a higher GDP in 2021 than country A.
South Africa has a GDP of $10 billion (measured in U.S. dollars) and a population of 45 million. Ecuador has a GDP of $12 billion (measured in U.S. dollars) and a population of 4.5 million. Calculate per capita GDP for each country. Question 24 options: South Africa = $222.22; Ecuador = $2,666.67 South Africa = $22.22; Ecuador = $266.67 South Africa = $2222.22; Ecuador = $26,666.67 South Africa = $22.22; Ecuador = $2,666.67
Which of the components of GDP must increase if we are to experience greater rates of economic growth? If the illegal drug trade was legalized what would happen to GDP? What would happen to GDP if a significant number of house-spouses who were previously staying home to care for their children began taking jobs and placing their children in day-care? Would the nation's well-being necessarily be better off?
Why do you think most western countries GDP has not grown as fast as China's GDP over the last 10 years? If you were in charge of trying to make a country like Spain's economy grow faster what would you do?
According to the table, Canada has the eleventh-highest GDP among the countries with the largest economies in the world. Does this mean Canada also has the eleventh-best standard of living? Fill in the blanks to complete the passage. World's Largest Economies by GDP, 2013 (1) (2) Country (3) (4) Per capita GDP (U.S. dollars) Rank 2013 GDP (billions of U.S. dollars) $53,042 United States $16,768 1 6,807 2 China 9,240 38,634 3 Japan 4,920 46,269 4 Germany 3,730 42,503 5 France 2,806 United Kingdom 41,787 6 2,678 11,208 7 Brazil 2,246 2,149 35,926 8 Italy 18,783 Russia 2,097 1,499 10 India 1,877 11 Canada 1,827 51,958 Drag word(s) be low to fill in the blank(s) in the passage. Canada's GDP is a that Canadians have the eleventh-best standard of living. A nation's better standard-of-living indicator, because it measures Using this measure, it looks like Canada has a better standard of living than all but one other nation. total productivity indicates does not indicate per capita GDP average…
Read Eye on Potential GDP in the eText or click on the icon following exercise to open a copy. Then work the In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour, and people work an average of 34 hours per week. Explain the difference in the two labor markets. In the graph, draw the Korean demand for labor curve (label it LD,) and the Korean supply of labor curve (label it LS). Now mark the Korean labor market equilibrium. Draw the US demand for labor curve (label it LDus) and the U.S. supply of labor curve (label it Lus). Now mark the U.S. labor market equilibrium 65- 60+ 55+ so+ 45 40 Real wage rate (2012 dollars per hour) 35- 30- 25 20 15IA. 10 146 22 28 40 34 40 82 Labor (hours per worker per week) >>> Draw only the objects specified in the question Q G
nominal GDP is $
Which item would not be included in the GDP? You pay a $45 service fee to have your teeth cleaned It costs $4.99 per hour to process would pulp from trees grown in Canada by a paper factory in Maine A computer company in Kansas developed a new program this year and sells it to company in China for $25 per license Fresh corn, grown in lowa, is sold for $6 a dozen to shoppers in New York.
lacmillan Learning Use the table to answer the questions. Round your answers to the nearest cent. Population Country Gross domestic product (GDP) Country A Country B $1.5 trillion 100 million $5 trillion 400 million What is the GDP per capita for Country A? $ What is the GDP per capita for Country B? $ Which country has the largest average GDP per capita? O Country A O Country B
Briefly discuss five reasons why a rise in real Gross Domestic Product within a country over time does not necessarily mean that living standards have improved.
GDP does not take into account the underground economy, and offers measures of government production that are typically not based on market values True False
11. A laptop that is produced by its manufacturer in year 2023, and sold to a consumer in year 2024, would be an addition to the GDP of which year? 12. Which of the following would be in the C sector: A. New house B. Dental Services C. Used car purchase D. Purchase of a share of Microsoft stock 13. Which of the following would NOT be in the C sector: Landscaping services bought by a homeowner A. B. A purchase of a new computer C. Money spent on a new toy by a child D. Purchase of paints to paint a picture to sell at an art show 14. Which would be considered part of the I sector: A. The purchase of shares of stock B. The construction of a new factory C. Wages paid to workers D. The sale of government bonds by the nation's central bank

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