If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP? O a. Neither what Ralph pays nor the estimated value of Norton's mowing is included in GDP. O b. The answer depends on what Norton reports to survey takers. What Ralph pays to have his lawn mowed and the estimated value to Norton of O c. mowing his own lawn are both included in GDP. O d. Only what Ralph pays to have his lawn mowed is included in GDP.

If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP? O a. Neither what Ralph pays nor the estimated value of Norton's mowing is included in GDP. O b. The answer depends on what Norton reports to survey takers. What Ralph pays to have his lawn mowed and the estimated value to Norton of O c. mowing his own lawn are both included in GDP. O d. Only what Ralph pays to have his lawn mowed is included in GDP.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 5CQQ

See similar textbooks

Similar questions

When people living in America spend $10,000 to buy imported goods at the shopping mall, how does this affect U.S. GDP? O GDP decreases because we are buying foreign goods and not American goods. O GDP is not affected because the goods are not produced in America. O GDP increases by $10,000 because the consumers live in America. O GDP increases by an amount equal to the value added by the stores in the shopping mall. W ASUS 8 R
Please give detailed answer
Suppose that Moby went from a stay-at-home father to a paid worker. He now earns $300 a week but pays $150 a week for daycare and $100 a week for a housekeeper. Moby is O A. better off by $550 and GDP increases by $150. O B. better off by $150 and GDP increases by $550. O C. better off by $50 and GDP increases by $600. O D. better off by $50 and GDP increases by $550.
Shay used to go to Jiffy Lube to have the oil changed in her car, but now she changes the oil herself. Which of the following is correct? The value of the labor needed to change the oil in a car is O A. included in GDP if Shay pays liffy Lube to do it but not if she does it herself. O B. not included in GDP whether Shay pays Jiffy Lube to do it or if she does it herself. O C. included in GDP if Shay does it herself, but not if she pays Jiffy Lube to do it. O D. included in GDP whether Shay pays Jiffy Lube for the service or if she does it herself. Reset Selection
In the first half of 2017, automobile sales in the United States were lower than they were in the first half of 2016. The decrease in auto sales impacts GDP because new automobiles are counted as when purchased by households and when purchased by businesses. O investment; consumption O nondurable goods; durable goods O durable goods: nondurable goods O consumption; investment
Item Consumption expenditure. Investment Government expenditure on goods and services Exports of goods and services Imports of goods and services 8. Based on the data in the table, what does GDP equal? O $11,183 billion O $11.023 billion O $11.103 billion O $12.393 billion Billions of Dollars 8180 1520 1403 1290 1370
If in some year nominal GDP was $40 billion and the GDP deflator was 70, what was real GDP? O $30.0 billion O $110.0 billion O $57.1 billion O $175,0 billion
Under the expenditure categories to measure GDP, why are net exports (exports minus imports) included instead of just exports? Select one: a. GDP is a measure of all final goods and services purchased by American citizens around the world. O b. The imports include goods that were produced with intermediate goods made by American firms. O c. The values of C, I and G include spending on all final goods and services, including imports, and these imports must be subtracted out. O d. The government wants to ignore income that Americans spend on foreign-made products.
Which of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of both the citizens and non-citizens but are residing inside the country. Ob. Incomes made by a citizen outside of his country will be included in the calculation of GDP O c. Expenditures of citizens and non-citizens made inside the country is included in GDP calculation O d. Incomes made by expatriates are included in the calculation of GDP
Please give detail answer I will definitely upvote
1. dix Suppose the country produces only two goods: beef and wheat. The table below summarizes the quantities of each good produced and the corresponding prices in every year since 2005: Beef Wheat Nomin al PQP Q GDP 2005 $4 12 $1. 22 0 6 0 11 $1. 23 4 0 15 $1. 24 5 9 5 2007 2006 $4. 5 $4. 6 LO 5 LO Real GDP (in 2006 price s) GDP Deflat or Inflation Rate (using GDP Deflator) CP I Inflation Rate (using CPI)
billions of dollars Personal consumption expenditures 500 Gross private domestic investment 400 Social Security payments to households 60 Federal government purchases of goods and services 100 State and local government purchases of goods 200 Imports 180 Net exports |-50