Did I do this correctly? Recent - OneDrive X W Speech 4 Keyword X * Checklists - Fa22 X * Checklist 14 (11/2 Xng.cengage.com/static/nb/ui/evo/index.html?deploymentId=5982801777746891646642217&eISBN=9780357133637&id=1566960330&snapshotId=...Capital OneMy Home!CoursesMail - Schneider,...Catalog and Study ToolsRental OptionsCollege Success TipsCareer Success TipsRECOMMENDED FOR YOUGuided Meditation:Relaxation? HelpGive FeedbackHomepage - Cent... N Race Now - 100%... LINEFINISHProblem Set 4Suppose the following transactions occur during the current year:Women's Nike Air... SHOE Women's Nike Air...1. Lorenzo orders 60 cases of beer from a Dutch distributor at a price of $40 per case.2. A U.S. company sells 300 axles to a Spanish company at $15.00 per axle.3. Sam, a U.S. citizen, pays $1,500 for a computer he orders from Honeycrisp (a U.S. company).ConsumptionInvestmentGovernment PurchasesCengage Digital L X SAM Kaylee Schneider XImportsExportsNet ExportsGross Domestic Product (GDP)Amount(Dollars)CengageNOWv2 I...Complete the following table by indicating how the combined effects of these transactions will be reflected in the U.S. national accounts for the currentyear.0Hint: Be sure to enter a "0" if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative.02,4004,5002,1001,500MindTap - Cenga XE*TRADE - Compl...b Success Confirma XSave & ContinueContinue without savingUpdate:8

The total cash value of all the goods and services produced in an economy during a given time period is known as the gross domestic product (GDP). All economically useful finished goods produced during the current year are included in GDP. Any products that are intermediate in nature, are not produced in the current year, or have no monetary value are not included in the calculation of GDP. Additionally, transfer payments are not included because they do not include any production.1. When Lorenzo orders from a dutch distributor then it is an import. The value of import = price = quantity, i.e. Import = $40 × 60 Imports = $2400 2. When U.S. company sells goods to Spanish company then it is exports. Exports = $15 ×300 Exports = $4500 3. When a U.S. citizen purchases goods from a U.S. company then it is counted in consumption expenditure. Consumption expenditure = $1500 Now, GDP = Consumption + Investment + Government spending + (Exports - Imports) GDP = $1500 + 0 +0 + $(4500-2400) GDP = $1500 + $2100 GDP = $3600 Hence, GDP is $3600.