Which of the following is included into the income measure of the US GDP?salary of Maria, a citizen of Mexico, working legally at a dental office in Queenssalary of Jane, a US citizen accountant working in Koreaprofits of Randy the Illegal Drug-Dealeramount of a cash gift an ESC student receives from parentsthe value of a new garage Sam the School Teacher built himself in his back yard

GDP stands for Gross Domestic Product and is a measure of the economic performance of a country. It…

Which of the following is included into the income measure of the US GDP? O salary salary of Maria, a citizen of Mexico, working legally at a dental office in Queens salary of Jane, a US citizen accountant working in Korea Oprofits of Randy the Illegal Drug-Dealer amount of a cash gift an ESC student receives from parents the value of a new garage Sam the School Teacher built himself in his back yard

Which of the following is included into the income measure of the US GDP? O salary salary of Maria, a citizen of Mexico, working legally at a dental office in Queens salary of Jane, a US citizen accountant working in Korea Oprofits of Randy the Illegal Drug-Dealer amount of a cash gift an ESC student receives from parents the value of a new garage Sam the School Teacher built himself in his back yard

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

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…
A number of statistics are computed to measure the price level, such as the GDP deflator and the CPI. The choice of which of these measures to use depends in many cases on the specific question in which you are interested. For each of the following situations, state whether the CPI or GDP deflator is a more appropriate measure to use and explain why the statistic is preferred. a. You are interested in looking at the impact of higher prices of imported oil in the overall cost of living. b. The government is interested in whether increases in defense spending are affecting the price level. c. An economic consulting firm is investigating the impact on the aggregate price level of more computers and electronic technology used in production.
Table 23-10 A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these goods for the last several years are shown below. The base year is 2015. Year Price of Quantity of Price of Popcorn Quantity of Movies Movies Popcorn 2014 $10.00 500 $5 1000 2015 $11.00 600 $4 900 2016 $12.00 650 $5 950 2017 $12.00 625 $6 925 Refer to Table 23-10. What was this country's real GDP in 2016? Select one: a. $11,250 b. $12,550 C. $10,950 d.$10,575
Gross Domestic Product is equal to the market value of all the final goods and services O A. produced within a country in a given period of time. B. consumed by the citizens of a country O C. consumed within a country D. produced and consumed within a country E. produced by the citizens of a country Click to select your answer. MacBook Air DII F8 000 000 F7 F6 F5
The following is production data: Orange Juice (Quantity) 600 610 620 Year Waffles Waffles (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Orange Juice (Price) $1 $2 $3 Toaster Ovens (Quantity) 280 300 300 Toaster Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the price/cost of the market basket for 2012.
A Nova Scotia Company is trying to successfully enter the cranberry market in Australia. What is the GNP or GDP for entry country (Australia), Is it growing? What is the per capita income? What is the average family income? What are the income classes and distribution?Does Australia have unexploited or underused resources that can affect future wealth?
The following table pertains to Wrexington, an economy in which the typical consumer's basket consists of 20 pounds of meat and 10 toys. Price of a Toy Price of Meat (Dollars per pound) (Dollars per toy) 3 Year 1 2 3 1 4 Refer to Table 25-2. The cost of the basket 2 7 5 increased from Year 1 to Year 2 and increased from Year 2 to Year 3. increased from Year 1 to Year 2 and decreased from Year 2 to Year 3. decreased from Year 1 to Year 2 and increased from Year 2 to Year 3. decreased from Year 1 to Year 2 and decreased from Year 2 to Year 3.
Imagine that a hypothetical economy produces three items food, clothes and Aluminum and a typical consumer buys food and clothing only. The table below shows the hypothetical results.
The Laspeyres index is the ratio of the price of goods at prices to the price of goods at prices. O today's; yesterday's; yesterday's; today's yesterday's; yesterday's; yesterday's; today's today's; today's; yesterday's; yesterday's O yesterday's; today's; yesterday's; yesterday's
Calculate APC when consumption is $210 and the income is $500
Answer ☐ U.S. Gas Prices in 2015 Month Price ($) March 2.556 April 2.499 May 2.749 June 2.863 July 2.877 August 2.779 Source: U.S. Energy Information Administration (Oct 2015) Sales in 2015: Grocery Stores Month Sales (Millions of Dollars) January 50,652 February 46,192 March 50,329 April 49,257 May 52,290 June 50,073
If change in consumption is $350 and change in income is $720 Find APC