Van and Amy Cho live in Swarthmore, PA. Amy's father, Carlos, lives in Sweden. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all thatapply. TransactionCIGXMAmy gets a new video camera made in the United States. Van buys a sweater made in Guatemala. Amy's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Van's employer upgrades all of its computer systems using U.S.-made parts. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. Van and Amy Cho live in Swarthmore, PA. Amy's father, Carlos, lives in Sweden.For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C),investment (1), government purchases (G), exports (X), or imports (M). Check all that apply.TransactionAmy gets a new video camera made in the United States.Van buys a sweater made in Guatemala.Amy's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.Van's employer upgrades all of its computer systems using U.S.-made parts.The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.с00IUGXM

GDP Gross domestic product (GDP) is the accepted unit of measurement for the value added produced…

Answered: Van and Amy Cho live in Swarthmore, PA.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Van and Amy Cho live in Swarthmore, PA. Amy's father, Carlos, lives in Sweden.

For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that

apply.

Transaction	C	I	G	X	M
Amy gets a new video camera made in the United States.
Van buys a sweater made in Guatemala.
Amy's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
Van's employer upgrades all of its computer systems using U.S.-made parts.
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.

Van and Amy Cho live in Swarthmore, PA. Amy's father, Carlos, lives in Sweden.
For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C),
investment (1), government purchases (G), exports (X), or imports (M). Check all that apply.
Transaction
Amy gets a new video camera made in the United States.
Van buys a sweater made in Guatemala.
Amy's father in Sweden orders a bottle of Vermont maple syrup from the producer's website.
Van's employer upgrades all of its computer systems using U.S.-made parts.
The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.
с
00
I
U
G
X
M

Expert Solution

Step 1

GDP

Gross domestic product (GDP) is the accepted unit of measurement for the value added produced by the manufacturing of goods and services in a nation over a specific time period.
As a result, it also accounts for income generated from that output or total expenditures on final products and services (fewer imports).
While GDP is the most significant indicator for measuring economic activity, it does not adequately convey how materially well-off people are, for which other statistics may be more suitable.

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