Which of the following is not included in GDP? Select one: a. the value of food people grow in their own gardens to eat themselves Ob. the value of spending to clean up pollution c. the value of business spending on machinery and equipment d. the value of government spending to fight wars

Which of the following is not included in GDP? Select one: a. the value of food people grow in their own gardens to eat themselves Ob. the value of spending to clean up pollution c. the value of business spending on machinery and equipment d. the value of government spending to fight wars

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 2SCQ: Which of the following are included in GDP, and which are not? The cost of hospital stays The rise...

See similar textbooks

Related questions

Q: What role did the Great Depression of the 1930s play in the developme macroeconomic ideas? Select…

A: Macroeconomics is a branch of economics that focuses on the investigation of the economy in general,…

Q: d. Analyze this firm's position in terms of shut down condition. Should this firm operate or…

Q: Use the provided table to answer the following questions: Cowhide 0 8 16 24 Panem Ostrich pillow 12…

A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…

Q: 3. Philips Industries manufactures a certain product can be sold directly to retail outlets or to…

A: Profit maximizing level of output is found by a monopolist by equating its marginal revenue with its…

Q: 3. Determinants of the price elasticity of demand Consider some determinants of the price elasticity…

A: 1) A good with many close substitutes is likely to have relatively elastic demand. Explanation-: An…

Q: Just 2.9 Only D,E,F and G

A: NOTE : Since you have asked a question with multiple sub-parts, we will answer the first three…

Q: The graph shows the average total cost (ATC) curve, the marginal cost (MC) curve, the average…

A: A perfectly competitive market is a theoretical economic model that describes a market in which…

Q: If the own-price elasticity is equal to -1, then demand for the good is said to be: a) Elastic b)…

A: Price elasticity is a measure of the responsiveness or sensitivity of the quantity demanded or…

Q: d. Marginal revenue exceeds marginal cost at the current output level. e. Price exceeds average…

A: D. When the marginal revenue is greater than the marginal cost, the production of the firm will…

Q: ) Suppose we have the following production function: Q=K2/312/3. Does the technology have onstant…

A: The production represents the relationship between output and inputs. The change in inputs lead to…

Q: please check the calculations. i think they are wrong

A: Net cash flow is actually profitability ratio which indicates the profits in a specific period of…

Q: In reality, the long run supply curve tends to be: Multiple Choice upward sloping downward sloping…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Math It Graph It Write It Consumption and Savings Functions Disposable Income Consumption Saving 50…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Suppose that the U.S. Congress passed a law making the production and consumption of cigarettes…

A: GDP: Gross Domestic Product (GDP) is a measure of the complete market value of every single final…

Q: Which of the following options best describes Coase Theorem? a) Coase theorem corrects for market…

A: The correct option for the Coase Theorem is:a) Coase theorem corrects for market failure when…

Q: For parts a)-d), evaluate the effect of each of the following events on the market for loanable…

A: The loanable funds market shows the interaction between lenders and borrowers in an economy. It…

Q: What is the definition of Gross Domestic Product (GDP)? Select one: O a. The market value of all…

A: Gross Domestic Product (GDP) is a measure used to estimate the total value of all goods and services…

Q: Choose c₁ and c₁₂ to maximize U(c₁, c²) = ln ((c²)ª³ (c²)¹¯ª³) for j = 1,2 subject to: pie² + e² -…

A: Given,Maximization problem,Sub toAnd,

Q: Solve for the question below, using the following given information: QD=450-P TC=q²-150q+1000 MC =…

A: For Demand function, Q is a function of P. And for inverse demand function, P is a function of Q.

Q: 1. Over the past 40 years interest rates in the developed world have fallen to very low levels. One…

A: Income inequality refers to the unequal distribution of income among all the sectors of the country…

Q: Derive the conditional input demand curve for f(l, k) = k + 1. In the short run capital is held…

A: Input demand represents the relation between the price or rental rate of inputs that an organization…

Q: 80 1600 400 800 90 1400 600 800 100 1200 800 800 110 1000 1000 800 120 800 1200 800 130 600 1400 800…

A: *Answer:

Q: Which statement about business cycles is correct? Select one: a. When GDP goes up, GDP per capita…

A: The business cycle refers to the fluctuation in economic activity characterized by alternating…

Q: d. Who has the comparative advantage in carving fishing lures? in carving duck decoys? Fishing…

A: Comparative advantage is referred to as the benefit recorded by a country or individual from trade.…

Q: b. Provide estimates for the following key National Accounts Aggregates Gross Value added i. ii.…

A: Value Added approach – Estimation of gross value of the output is reduced by the cost of the goods…

Q: If the own-price elasticity is equal to -.8, then: a) A 1% change in quantity demanded gives rise to…

A: Quantity demanded is the total quantity of commodities that the customers are ready to pay different…

Q: Consider the simple type of public goods experiment that we discussed in class and that is discussed…

A: Public Goods Experiment is a method used in economics and social sciences to study decision-making…

Q: b) Indicate the socially efficient price and quantity, using the new supply curve that you've drawn.

A: Negative externalities are the harmful side effects arise out of production or consumption of some…

Q: Consider the following data (in billion $) for a country in a particular year: (assume this country…

A: It is common to include GDP as part of a government subsidy or lifestyle in a country. When…

Q: Suppose that you can invest $11,000 in a business that guarantees you the following cash flows:…

A: Here we calculate the net present value of the investment and conclude its profitable or not and…

Q: Qs = 2P-12 Where P is the price a) Determine algebraically the equilibrium price and quantity. b)…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The MPC can be defined as that fraction of a Multiple Choice change in income that is not spent. O…

A: The correct option is- a change in income that is spent.The Marginal Propensity to Consume (MPC) is…

Q: REA diagram system of Nestle company

A: Introduction: The REA model eliminates many accounting elements that are no longer essential in the…

Q: Use the information in the table below to answer questions about the economy of Watis. a. Complete…

A: Answer: Introduction: MPC (marginal propensity to consume): it refers to the change in consumption…

Question

100%

Please help ()()())()()

Which of the following is not included in GDP?
Select one:
a. the value of food people grow in their own gardens to eat themselves
Ob. the value of spending to clean up pollution
c. the value of business spending on machinery and equipment
d.
the value of government spending to fight wars

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Gross Domestic Product (GDP)

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

How might you measure a green GDP?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retiree
Which of the following would not be counted in the calculation of GDP? Select all that apply. A. purchasing a puppy from a farmer with a reputation for not paying taxes B. washing your clothes C. government spending on social security D. buying a brand new car E. paying for a chef to cook your meals F. paying for a flight to Las Vegas
Which of the following would be captured and included in the calculation of GDP? A) The cost of hospital stays. The rise in life expectancy over time. (C) Child care provided by a licensed day care center. Child care provided by a grandmother at home. A used car sale to the Brown family. A new car sale to the Brown family. (G) The greater variety of cheese available in supermarkets. The iron that goes into the steel that goes into a refrigerator bought by the Brown family.
Which of the following is included in Gdp? Select one: a. medicare b. social security payments c. government purchases d. interest payments on the government debt
Which of the following transactions are or are not included in GDP? 1. The pollution created when building an electric car battery. 2. Your parent washes, dries, and folds your laundry. 3. You consume a meal at Jack in the Box. 4. You buy a Rolex watch on the streets of Redwood City. 5. You volunteer to help clean up at your church after services on Sunday. 6. You write a Yelp review of Dr. Eck's restaurant.
Which of the following transactions count towards GDP? Buying a used car from your friend. Buying a home built in 2000. Buying a newly constructed condo. Lending money to a friend who just bought a home. B.
If consumption is 10, investment 5, government purchases 6, exports 8, and imports 7, what is GDP?
1
What components of GDP (if any) would each of the following transactions affect? Explain. (a) Aunt Bee buys a new dining room table produced by a domestic manufacturer. (b) Mr. Davis hires a local contractor to build a new house. (c) Buick sells a new Envision SUV to Enterprise Rent-A-Car. (d) The federal government sends your Uncle Dave a disability check (Social Security Disability Insurance). (e) You purchase $100,000 worth of U.S. Treasury bonds. (f) Your parents purchase 3 pounds of authentic Prosciutto di Parma (produced in the Italian city of Parma). (g) The City of Trenton purchases three new police cruisers.
Which of the following are included in this year’s GDP? Which are excluded or included. a. Interest received on an AT&T corporate bond: b. Social Security payments received by a retired factory worker: c. Unpaid services of a family member who painted the family home: d. Income of a dentist from the dental services she provided: e. A monthly allowance that a college student receives from home: f. Money received by Josh when he resells his nearly brand-new Honda automobile to Kim: g. The publication and sale of a new college textbook: h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: i. A $2 billion increase in business inventories: j. The purchase of 100 shares of Alphabet (the parent company of Google) stock: