3. Categories of expendituresSam and Teresa Dhupia live in Swarthmore, PA. Their son, Andrew, owns his own plumbing business.For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C),investment (I), government purchases (G), exports (EX), or imports (IM). (Hint: Check all that apply.)TransactionSam buys a sweater made in Guatemala.Sam's employer assigns him to provide consulting services to an Australian firm that's opening amanufacturing facility in China.The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.Teresa gets a new video camera made in the United States.Andrew buys a new set of tools to use in his plumbing business.с0 0I■000G0EXrL000IMO00

GDP = C+I+G+X-M C: Consumption. I: Investment. G: Government Expenditure. X: Export. M: Import.

Answered: Sam and Teresa Dhupia live 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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U.S. nominal GDP is substantially higher today than it was 60 years ago. What does this tell us about the well-being of U.S. residents?
Question 3
The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 2012 T-Shirts Red Bull (cans) Pizza (slices) Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your…
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For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction C I G X M The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway 23, which feeds into the center of Conshohocken. Felix's employer upgrades all of its computer systems using U.S.-made parts. Janet's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Janet gets a new video camera made in the United States. Felix buys a sweater made in Guatemala.

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