I don't know how many of these you can answer, but these questions are just true/false questions and I've been struggling with them.The sale of GE Washing Machines to East Coast Appliance would not be counted in GDP. Julia Jones' monthly Social Security payment would not be included in GDP. If unsold inventories = $ 200 in 2019 and $ 300 in 2020, then the amount to go into GDP for this category for 2020 would be $ 500. Personal Consumption Expenditures account for about 25% of GDP. Spending on Consumer Durable Goods tends to be very stable from year to year. Sales of used goods are included in GDP at 35% of their original sale price. Investment in new technology (e.g., software) is included today in GDP in “Gross Private Investment.” Government purchases of goods and services at all levels of government (federal, state, and local) are included in GDP. Construction and sales of new housing would be included in “Personal Consumption Expenditures” in the durables goods account. Basic GDP statistics do not reflect changes in the quality of products. Net exports = exports plus imports. The estimated market value of volunteer services is not included in GDP.

Answered: The sale of GE Washing Machines to East…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I don't know how many of these you can answer, but these questions are just true/false questions and I've been struggling with them.

The sale of GE Washing Machines to East Coast Appliance would not be counted in GDP.
Julia Jones' monthly Social Security payment would not be included in GDP.
If unsold inventories = $ 200 in 2019 and $ 300 in 2020, then the amount to go into GDP for this category for 2020 would be $ 500.
Personal Consumption Expenditures account for about 25% of GDP.
Spending on Consumer Durable Goods tends to be very stable from year to year.
Sales of used goods are included in GDP at 35% of their original sale price.
Investment in new technology (e.g., software) is included today in GDP in “Gross Private Investment.”
Government purchases of goods and services at all levels of government (federal, state, and local) are included in GDP.
Construction and sales of new housing would be included in “Personal Consumption Expenditures” in the durables goods account.
Basic GDP statistics do not reflect changes in the quality of products.
Net exports = exports plus imports.
The estimated market value of volunteer services is not included in GDP.

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Hi, according to our guidelines we are allowed to answer only question upto three sub-parts in a single session. So I can provide solutions for first three sub-parts. If you would like to get answers for the remaining questions please post it as seperate sessions. Thank you.

GDP measures the market value of all final goods and services produced in an economy during a specific time period.

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