Which approach to calculating GDP focuses on adding up the market value of all final goods and services produced within an economy? a) Expenditure approach b) Income approach c) Production approach d) Value- added approach
Q: Changes in business inventory will be calculated in GDP under which of the following categories
A: GDP = C + I + G + X - M Where C = personal consumption expenditure I = Gross private domestic…
Q: Real GDP Nominal GDP GDP Deflator 246,849 103.2 268,914 100.7 257,861 264,308 266,194 105.9 241,646…
A: NOTE: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Which of the following are included in GDP and which are not? If an item is included, state which…
A: The measure that depicts the final value of goods and services being produced during a specified…
Q: In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originally…
A: The gross domestic product(GDP) calculates the market value of all the final commodities(goods and…
Q: Check all that apply. The quality of goods available to consumers Funds spent by city governments…
A: Let's analyze each scenario:
Q: Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all…
A: The gross domestic product (GDP) is a metric used to represent the economic output of a nation. A…
Q: Suppose you have been hired as a management consultant by a major oil company to help it optimally…
A: "GDP or gross domestic product represents the market value of all the final goods and services…
Q: All figures are in billions of dollars: Gross Private Domestic Investment 848.3 Proprietor's Income…
A: GDP = Compensation of employees + mixed income of self employed + operating surplus + depreciation +…
Q: The following table shows data on consumption, investments, exports, imports, and government…
A: The whole trade of a country is gauged by its net exports. The calculation of net exports is as easy…
Q: Identify whether or not each of the following transactions would be included in GDP, and if so,…
A: e.A homeowner buys shingles to re-do her roof. Yes, this will be included in GDP, in consumption…
Q: What components of GDP (if any) would each of the following transactions affect? Explain. (a) Aunt…
A: We are going to answer these questions keeping Gross Domestic Product's definition as a primary…
Q: Which of the following is included in GDP? Group of answer choices the value of lawn care service…
A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…
Q: Which of the following is wrong? Select one: a. In the expenditures approach to GDP we subtract…
A: a) This statement is considered true as imports are deducted in the expenditure approach as they are…
Q: hich of the following would be included in the calculation of gross domestic product (GDP)? The…
A: The gross domestic product refers to the production of goods and services during an accounting year.…
Q: After reading a report that says that around 70% of U.S. GDP is consumption, your friend Alex…
A: GDP or the Gross Domestic Product is the monetory value of all the goods and services that is…
Q: 1) Which of the four components of GDP – C, I, G, NX -- will be affected by each of the following…
A: a)Because ticket is purchased,consumption has taken place. Therefore (C) would be affected. b)Here…
Q: Use the data below to calculate GDP for a given country.
A: With the given data we can calculate GDP by using expenditure method or outlay method.
Q: Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all…
A: The gross domestic product (GDP) is a metric used to represent the economic output of a nation. A…
Q: Raphael and Susan Firth live in Swarthmore, PA. Their son, Alex, owns his own plumbing business. For…
A: The term GDP (Gross Domestic Product) is defined as the total monetary value of all final products…
Q: Question 22 Table 2.1 GDP and its components, 2012 Source: Bureau of Economic Analysis. Table 1.1.5.…
A: Answer to the question is as follows:
Q: GDP as a measure of economic welfare fails to account for certain factors, including nonmarket…
A: 4,7,8 and 9 would be included in GDP.
Q: Which of these scenarios would be included in GDP? revenue from selling a four-year-old car…
A: GDP also known as gross domestic product is the sum value of all final goods and services produced…
Q: Which one of the following is included in the GDP of Japan? Group of answer choices The value of the…
A: Gross domestic income refers to the value of goods and services produced domestically during an…
Q: ude? The value of goods produced domestically and sold abroad The value of intermediate goods…
A: GDP is the total output produced in the economy which also represents income generated.
Q: Which of the following transactions would be included in the official calculation of GDP under the…
A: It can be defined as a method of calculating the GDP of any country. It is this method of measuring…
Q: Gilberto and Juanita Ivanov live in Swarthmore, PA. Juanita's father, Lorenzo, lives in Sweden. For…
A: GDP is the total value of goods and services produced by a country’s economy during a given period…
Q: Which of the following is included in GDP calculations? a crisp $50 bill received on your…
A: Gross Domestic Product (GDP) measures the market value of all final goods and services produced by…
Q: The sale of GE Washing Machines to East Coast Appliance would not be counted in GDP. Julia Jones'…
A: Hi, according to our guidelines we are allowed to answer only question upto three sub-parts in a…
Q: 1. When you go to your local mall and buy new clothing that was produced in a foreign country, this…
A: The given statement “When you go to your local mall and buy new clothing that was produced in a…
Q: Personal consumption expenditures $5,850 Exports 750 Government spending 1,800 Social Security…
A: 1. Gross Domestic Product (GDP)=C+I+G+X-M=5850+1200+1800+(750-1150)=$8450
Q: Which of the following statements best describe how economists calculate GDP? a. Economists at the…
A: Which of the following statements best describe how economists calculate GDP? b. Economists at the…
Q: Although GDP is a reasonably good measure of a nation's economic well-being, it does not necessarily…
A: Transactions that are not reported are not counted in the GDP calculation. Furthermore, some…
Q: The following table shows data on consumption, investments, exports, imports, and government…
A: Gross Domestic Product(GDP): GDP is a measure of the total economic output of a country. It…
Q: Question 1: For each of the activities listed below, determine if it should be included in…
A: The expenditure approach to calculating GDP includes all final goods and services produced in a…
Q: Which of the following options are either not accounted for or are measured inaccurately in…
A: The following should be chosen- D. The value of babysitting services, when the babysitter is paid in…
Q: Which of the following is least likely to be included in calculating GDP by the sum-of-value-added…
A: The sum of value-added method is used to measure GDP by summing up all transaction costs incurred…
Q: The table below shows hypothetical values of the expenditure components for the United States in…
A: Consumption is the amount of money spent on households and it includes all types of goods and…
Q: GDP is a good and useful measure of general economic activity for each of the following reasons…
A: Answer: Option C (The total value of GDP is lower if the distribution of income is lower and less…
Q: To calculate GDP from the income side, one must add together wages, a) government income, interest,…
A: This can be defined as a concept that shows a continuous fall in the value of the capital or assets…
Q: Computation of GDP by the expenditures method would include the purchase of A. fertilizer by a…
A: Expenditure method is the method which measures final expenditure on gross domestic product at…
Q: A country has just one resource - labor - that it can use to produce two goods, books and clothing.…
A: Answer-
Q: hich of the following would be included in the level of an economy's GDP? Select one: a. Private…
A: The GDP is best defined as the total of all value-added created in an economy. The…
Q: Paolo and Sharon Zambetti live in Swarthmore, PA. Their son, Van, is an artist living in New York…
A: The purchasing of Italian Wine will be included in the consumption expenditure of the family as they…
Step by step
Solved in 2 steps
- Item Measuring U.S. GDP: Using the information in the table below, calculate GDP via the expenditure approach. Expenditure Approach: Consumption expenditure Wages Investment Interest, Rent, Profits Government expenditure Exports Indirect Taxes less subsidies Depreciation Imports Dollars 15,400 8,500 2,100 4,100 3,200 3,000 1,100 2,000 8,000Which one of the following actions or transactions would be included in GDP? Select all correct answers. O A university student pays for a Lyft ride between the airport and campus. O Prescription opioids (powerful painkillers) are sold illegally on the black market. O An automotive pmpany builds a car that doesn't sell in the year in which it is produced. O A middle-aged accountant spends their evenings and weekends caring for an elderly parent. O A father washes dishes at home after putting the younger kids to bed. O A homeowner buys paint from a local hardware store to repaint the front two rooms of her house. The federal government sends a check to a Pell grant recipient at the University of Oregon.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 The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway 23, which feeds into the center of Conshohocken. Felix's employer upgrades all of its computer systems using U.S.-made parts. Janet's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Janet gets a new video camera made in the United States. Felix buys a sweater made in Guatemala.
- What components of GDP, if any, would each of the following transactions affect? Explain. a) Jahzara spends $300 to buy her husband dinner at the finest restaurant in Boston. b) Nylah spends $1,200 on a new smartphone to use in her publishing business. The smartphone was built in China. c) Joseph spends $800 on a tablet to use in his editing business. He got last year's model on sale for a great price from a local manufacturer. d) GM builds $500 million worth of cars, but consumers only buy $470 million worth of them. e) The Federal Government sends your Grandmother a Social Security Check.Can you use the list below to compute GDP using the Expenditures approach? Personal Consumption expenditures $600 Transfer payments $15 Consumption of fixed capital $20 Interest $11 Exports $15 Government purchases $85 Compensation of employees $225 Imports $18 Net private domestic investment $65Determine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______
- Which of the following will be counted as part of the U.S.'s GDP for a given year? Select one: a. An All-Terrain Vehicle produced by Honda in Timmonsville, South Carolina b. Cleaning service by an illegal immigrant that is not reported to the IRS c. A whopper burger produced by Burger King in Tel Aviv, Israel d. Tools purchased by a professional plumber at Home Depot e. An antique car that is sold at an auctiona)A caterpillar tractor is made by a U.S firm producing in the United States. Is this production counted in GDP? b) A Toyota Avalon is made by a Japanese firm producing in the United States. Is this production counted in GDP? c) Brooks running shoes are made by a U.S firm producing in China. Is this production counted in GDP?Which of the following will be counted in the Gross Domestic Product for this year (2023)? A) A new 2023 Ford Escape that was just produced in Detroit during January 2023 and was recently sold to a consumer. B) A Ford Escape that was produced in Detroit during January 2023 and was ready for sale, but hasn't been sold yet. C) Each of the scenarios listed above would all count as U.S. GDP. D) A new 2023 Ford Escape that is manufactured within the borders of the U.S.
- Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The costs of overfishing and other overly intensive uses of resources Funds spent by city governments to renovate their buildingsYour aunt, who lives in Royal Oak decides to buy a new, American made dress. In GDP accounting this expenditure counts as Question 5 options: a) export spending b) investment spending c) consumption spending d) government spendingWhich two of the following are not included in GDP? Select all that apply: business investment U intermediate goods Onon-market activities net exports