2 .Full Explain The dollar values of the transactions (in question 14) are given in the table below. [Click here to opena PDF version of the table in another browser window.]Dollar ValueTransaction(in millions)(1)$350(2)$500(3)$35(4)$16(5)$180(6)X(7)$800(8)$10If U.S. GDP during the quarter was $155 million, then what is the value of X, the amount the NationalWeather Services paid for the new weather tracking system?$60 millionO $70 million$80 million$90 million Use the following information to answer questions 14 and 15. Consider the following transactionsin the economy for one quarter. For simplicity, assume that (1) these are the only transactions in theeconomy and National Income Accounting Standards are used to determine GDP; (2) unless otherwiseindicated, all named individuals are U.S. citizens; (3) unless otherwise indicated, all firms are locatedwithin the U.S.; (4) there are no intermediate goods involved; and (5) if necessary, all imports havealready been counted in the appropriate non-net export component. [Click here to open a PDF versionof the table in another browser window.]1. Box's initial public offering of stock raises money for the Los Altos, California company thatspecializes in online file sharing and cloud content management for businesses.2. Royal Caribbean International Cruise Lines, headquartered in Miami, Florida, purchases the 6,300-passenger ship, Allure of the Seas, directly from shipbuilder STX Europe, located in Turku, Finland.3. DaVita, a Denver, Colorado kidney-care company, provides dialysis services to patients through anational network of 1,500 outpatient facilities.4. At Sotheby's auction-house located in New York City, Vincent van Gogh's 1889 painting Man is atSea sells for a new record.5. Deere & Co., a Moline, Illinois maker of farm and construction equipment, sells tractors to Tong DaSen Building Materials, located in Beijing, China.6. The National Weather Services, a government agency of the U.S. Department of Commerce,purchases and installs a new weather tracking system.7. Sixty five million Americans receive a monthly social security check from the U.S. TreasuryDepartment.8. Antonio, an Italian national, receives a paycheck for his work as an executive at General Motors'headquarters, located in Detroit, Michigan.Which of the transactions would be counted in the consumption component of GDP?Transaction 3 only.O Transactions 3 and 8 only.Transactions 4 and 8 only.Transactions 3, 4, and 8.The dollar values of the transactions (in question 14) are given in the table below. [Click here to open

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Use the following information to answer questions 14 and 15. Consider the following transactions in the economy for one quarter. For simplicity, assume that (1) these are the only transactions in the economy and National Income Accounting Standards are used to determine GDP; (2) unless otherwise indicated, all named individuals are U.S. citizens; (3) unless otherwise indicated, all firms are located within the U.S.; (4) there are no intermediate goods involved; and (5) if necessary, all imports have already been counted in the appropriate non-net export component. [Click here to open a PDF version of the table in another browser window.]

Use the following information to answer questions 14 and 15. Consider the following transactions in the economy for one quarter. For simplicity, assume that (1) these are the only transactions in the economy and National Income Accounting Standards are used to determine GDP; (2) unless otherwise indicated, all named individuals are U.S. citizens; (3) unless otherwise indicated, all firms are located within the U.S.; (4) there are no intermediate goods involved; and (5) if necessary, all imports have already been counted in the appropriate non-net export component. [Click here to open a PDF version of the table in another browser window.]

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter17: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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