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.
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- 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 RShay 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 SelectionWhich 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
- 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. 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 mowing his own lawn are both included in GDP. O d. Only what Ralph pays to have his lawn mowed is included in GDP.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 1370Why is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the above
- Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)? Select one: O a. In a poker game a student wins $500 that he does not report as income. Ob. A landlord rents an apartment. O c. The government purchases 100 new trucks for the Army. O d. The inventory of paper towels goes up.Calculate GDP using the information in the table below: $Billions Government purchases of goods 1200 Services 500 Imports 400 Change in business inventories 50 Durable goods 300 Nondurable goods 600 Exports 250 Residential investment 200 Government purchases of services 500 Nonresidential investment 650 Select one: O a. 4650 O b. 4150 O c. 4000 O d. 3850If the value of the goods and services a country produces decreases while its population stays the same, which statement must be true? O A. The country's rate of inflation has increased. O B. The country's per capita GDP has decreased. C. The country's unemployment rate has decreased. OD. The country's total GDP has increased. O O O
- Calculate GDP using the information in the table below: SBillion Durable goods 500 Nonresidential investment 300 Government purchase of goods 400 Exports 300 Government purchases of services 150 Residential investment 100 Services 700 Imports 200 Change in business inventories -50 Nondurable goods 700 Select one: O a. 1950 O b. 2500 O c. 2900 O d. 2750The process whereby national economies and business systems are becoming deeply interlinked with each other is called O a. Global Linking O b. Globalization O C. Free Trade O d. Technological AdvancementWhich 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. O b. Incomes made by a citizen outside of his country will be included in the calculation of GDP c Expenditures of citizens and non-citizens made inside the country is included in GDP calculation d. Incomes made by expatriates are included in the calculation of GDP