Can you accurately answer these, please? show detailed human working out. Section A1. Can these activities be considered part of GDP? Answer the followingstatements by indicating Yes or No.a. John sells fruits in the market in town.b. Two (2) were hurt in car accident and were treated in their localhospital.c. A garage buys spare tyres to sell to customers next year.d. If a Jamaican citizen works temporarily in St. Lucia.e. A Barbadian owns a firm in Haiti.2. Suppose you are given the following information:price.Qs = 200 + 3PQd=400 - Pwhere Qs is the quantity supplied, Qd is the quantity demanded and P isa. From this information compute equilibrium price and quantity.b. Now suppose that a tax is placed on buyers so that Qd = 400 - (2P + T)where T is taxes. If T = 20, solve for the new equilibrium price andquantity. (HINT: Note: You are solving for the equilibrium pricefor sellers and buyers and the equilibrium quantity).

Question 1Determine if the activities can be considered part of GDP by answering Yes or No:a. John…

Answered: Section A 1. Can these activities be…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 1PA

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Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retiree
Can these activities be considered part of GDP? Answer the followingstatements by indicating Yes or No.a. John sells fruits in the market in town.b. Two (2) were hurt in car accident and were treated in their localhospital.c. A garage buys spare tyres to sell to customers next year.d. If a Jamaican citizen works temporarily in St. Lucia.e. A Barbadian owns a firm in Haiti.
A. For each of the following examples, state if you think it is included in the 2010 calculation for the Philippine GDP. A 1962 Camaro sold to a collector in February 2010. A tractor produced by local automobile company in May 2010 and sold to a farmer in September 2010. A cell phones produced in August 2010 in Shanghai China. A car produced in Philippines in 2010, but sold to a customer in January 2011. Nonmarket goods such as homemaking and child-rearing. The benefits of clean air and water. Estimated values of activity in the underground economy. Purchases and sales of goods produced in previous periods. Government pay its fiscal debt interest in 2010. The sale of a new car from a manufacturer’s inventory in 2010. Imported rice from Thailand. The purchase of a watch from a Swiss company in the Philippines. Mang Juan’s house constructed in 2009. A company invest in building a new plant in middle of the year 2010 and to be done at the end of the…
Tom is an organic gardener. For several years, he produced only for his own consumption. Last year, he sold his vegetables on Amazon directly to consumers. This year, he sold all of his vegetables to a company producing organic vegetable soup. When is the value of Tom’s vegetables included in GDP? Select one: a. None of his production is included in GDP, since it is considered home production. b. Only when he sells his vegetable on Amazon (BLS is able to see this transaction) c. When he sells his vegetables at the farmer's market and when he sells the vegetables to the organic soup company. d. Only when he sells his vegetables to the organic soup company.
Indicate whether each of the following transactions is included or not included in the GDP of the United States. a. A textbook is purchased by a student in New Jersey in yesterday. The book was made Hawaii just last week. b. Forty pounds of apples grown by a Washington farmer and traded this morning to his neighbor for ten pounds of honey. c. A hundred dollars paid to you for babysitting last night at a home near the university. The $100 was in cash with no records kept, i.e., under the table. d. The $90 purchase of materials by you made today at the Home Depot in Springfield. You plan to build a doghouse in your backyard yourself. The doghouse is for your dog. e. A fighter jet produced in Texas last month and sold this morning to Saudi Arabia. f. Eight tons of coal mined in West Virginia last month was sold today to a power plant in Tennessee. The power plant immediately started using the coat to generate power for over 30,000 homes and businesses in the Nashville area. g. Tom retired…
Which of the following are included in GDP, and which are not? a. The cost of hospital stays b. The rise in life expectancy over time c. Child care provided by a licensed day care center d. Child care provided by a grandmother e. A used car sale f. A new car sale g. The greater variety of cheese available in supermarkets h. The iron that goes into the steel that goes into a refrigerator bought by a consumer
Which of the following would be captured and included in the calculation of GDP? A) The cost of hospital stays. The rise in life expectancy over time. (C) Child care provided by a licensed day care center. Child care provided by a grandmother at home. A used car sale to the Brown family. A new car sale to the Brown family. (G) The greater variety of cheese available in supermarkets. The iron that goes into the steel that goes into a refrigerator bought by the Brown family.
2) Which of the following items are included in GDP? For those items not included, explain why they are not included in GDP. You buy newly issued shares of stock in Tektaş.com, Inc. You buy a new pair of gloves at a local shopping center. You have a hair cut at your hair salon. You buy an antique vase at a resale shop.
Which of the following transactions would be included in GDP?There are 2 correct answers.1. $50 cash gift you gave to your friend in a given year.2. This month, you bought $1,500 worth of stocks in Facebook (whose headquarters are located in Menlo, CA).3. This year, Sara received $600 stimulus check from the government.4. You paid $20 for a haircut in Tustin, CA this week.5. This year, Peter bought a 10-year-old home in Pasadena, CA.6. Social security benefits sent to a retired worker in a given year.7. U.S. Unemployment benefts received this year by a newly laid-off workers.8. A check for $250 send by a parent to a son at a college in California.9. A check for $250 send by a parent to a son at a college in Canada.10. Häagen-Dazs, an American company, purchases milk to produce ice cream thisyear.11. BTS is performing in Las Vegas, Nevada this year. You purchased BTS's concerttickets for next month.
Which of the following are not included in GDP? Why? a. Twelve-year-old Johnny mows his family's lawn. b. Dave Malone buys a used car. c. Barbara Wilson buys a bond issued by General Motors. d. An illegal drug transaction takes place at the corner of Elm and Fifth.
Adam lives in California and, after graduating college, opened up an ice cream business on the Venice Beach boardwalk. Which items are not counted in GDP? Select all that apply and explain why each of the items you selected is not counted in GDP. a. Adam purchases a new sub-zero refrigerator for his ice cream shop. b. The neighborhood kids broke Adam's window at the ice cream shop during a baseball game. Adam replaces the window. c. After a successful summer, Adam travels to Egypt to visit the Red Sea. d. Adam sells his used accounting textbook to his best friend Billy. e. Adam spends a Saturday afternoon mowing his elderly neighbor's lawn. He earns $100 cash that day.
(a) Two years ago you bought a used car for $1,000 and spent $5,000 on parts for improving it. Yesterday you sold it for $3,000. How does this sale affect GDP? (b) Which component of national expenditure will be affected when a firm buys a new air conditioning unit for its manager's office?

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