Which of the following statements is correct regarding measuring GDP? A GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, om sum of all incomes received from domestic production B C D E GDP can be measured only as the total spending on domestically produced goods and services Information about exports but not imports is necessary to calculate GDP Government production is not included in the GDP The value added of government production is computed using the price that public goods and services are sold at in the market

Which of the following statements is correct regarding measuring GDP? A GDP can be measured either as the total spending on domestically produced goods and services, or the total value added in domestic production, om sum of all incomes received from domestic production B C D E GDP can be measured only as the total spending on domestically produced goods and services Information about exports but not imports is necessary to calculate GDP Government production is not included in the GDP The value added of government production is computed using the price that public goods and services are sold at in the market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Gross domestic product (GDP) is a measurement of the total value of all goods and services produced in the United States over a given time period. It is used by economists, government officials, market forecasters and others to gauge the overall health of the U.S. economy. How do consumers drive the nation's GDP?
Suppose a central bank targets an inflation rate of 3%. She projects a long-termeconomic growth rate of 4%.a. Using the Classical Theories, suggest an appropriate long-term monetary policy.State the necessary assumptions. b. Suppose the new Chairman of the central bank will assume his duty next year.He is widely expected to be a “monetary hawk” – he favors a “tighter” growth inmoney supply.Other things being constant, how would this affect the expected inflation rate,nominal interest rate and the current general price level? Using relevant ClassicalTheories, briefly explain your answers.
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Which of the following statements best describe how economists calculate GDP? a. Economists at the Census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis. b. Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months. c. Economists at the Bureau of Labor Statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months. d. Economists at the Congressional Budget Office calculate GDP for a given year by adjusting the previous year’s GDP with inflation. Which statement best describes the difference between Nominal and Real GDP? a. Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. b. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the…
Although GDP is a reasonably good measure of a nation's economic well-being, it does not necessarily include all factors that contribute to it. Which of the following factors are not accounted for in calculations of the GDP of Canada? Check all that apply. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The parts of a car manufactured in Canada that are produced in the United States The variety of goods available to consumers The loss of enjoyment people suffer when scenic land is converted to commercial use Federal government paycheques to soldiers
Explain to me how we can measure the amount of GDP from both the income side (the producer's side) and the expenditure side (the buyer's side), using as your example a trip to your local Chipotle to buy lunch for $12.
What is 4Gross domestic product (GDP)?
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