Section A 20 marks1. Can these activities be considered part of GDP? Answer the followingstatements by indicating Yes or No. 1 mark eacha. 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. 6marksb. 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). 9 marks

1. GDP is the value of all final goods and services produced within a country's borders in a…

Answered: Section A 20 marks 1. Can these…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 2QP

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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.
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…
Which of the following would not be counted in the calculation of GDP? Select all that apply. A. purchasing a puppy from a farmer with a reputation for not paying taxes B. washing your clothes C. government spending on social security D. buying a brand new car E. paying for a chef to cook your meals F. paying for a flight to Las Vegas
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.
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 transactions are or are not included in GDP? 1. The pollution created when building an electric car battery. 2. Your parent washes, dries, and folds your laundry. 3. You consume a meal at Jack in the Box. 4. You buy a Rolex watch on the streets of Redwood City. 5. You volunteer to help clean up at your church after services on Sunday. 6. You write a Yelp review of Dr. Eck's restaurant.
Which of the following transactions would NOT be counted in GDP? Select one: a. Nike builds a retail store. b. Your mother buys 100 shares of Nike stock. c. Your mother buys a pound of Washington-grown apples. d. The Indiana state government pays for repair of a damaged bridge over the Wabash River.
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.
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 included in this year’s GDP? Which are excluded or included. a. Interest received on an AT&T corporate bond: b. Social Security payments received by a retired factory worker: c. Unpaid services of a family member who painted the family home: d. Income of a dentist from the dental services she provided: e. A monthly allowance that a college student receives from home: f. Money received by Josh when he resells his nearly brand-new Honda automobile to Kim: g. The publication and sale of a new college textbook: h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: i. A $2 billion increase in business inventories: j. The purchase of 100 shares of Alphabet (the parent company of Google) stock:
Value-Added to GDP Question. Production Value of Input Value of Output Value Added Coffee Bean farming $0 A B Processing Coffee $7.00 C $3.00 Distributing Coffee D 11.50 E Selling Coffee to customers F G $4.50 a. Fill in the table above. The values for values of inputs, outputs, and value added. I listed them as A, B, C, D, E, F, G. So in your answer in the text box just type is A = ? B = ? C = ? D = ? E = ? F = ? G = ? 1. How much is added to GDP from this production activity?
Kindly help me with this one.

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