The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2023. 2023 GDP Scenario Included Excluded Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 11, 2023. Gamewear imports the VR headset into the United States on May 29, 2023. Ο Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2023. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 6, 2023. It sells the latte to a customer immediately. The Wilson family buys an antique serving platter at an auction in upstate New York on March 11, 2023. Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the bed frame to a college student on December 24. O о Ο O о
The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2023. 2023 GDP Scenario Included Excluded Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 11, 2023. Gamewear imports the VR headset into the United States on May 29, 2023. Ο Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2023. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 6, 2023. It sells the latte to a customer immediately. The Wilson family buys an antique serving platter at an auction in upstate New York on March 11, 2023. Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the bed frame to a college student on December 24. O о Ο O о
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The gross domestic product (GDP) of the United States is defined as the
all
in a given period of time.
Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in
2023.
2023 GDP
Scenario
Included
Excluded
Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 11, 2023. Gamewear
imports the VR headset into the United States on May 29, 2023.
Ο
Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2023. It sells the set of
tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2023.
(Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of
production of the two-door coupe on GDP.)
Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 6, 2023. It sells the
latte to a customer immediately.
The Wilson family buys an antique serving platter at an auction in upstate New York on March 11, 2023.
Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the
bed frame to a college student on December 24.
O
о
Ο
O
о
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