Which of the following transactions would be included in GDP? (Select All that Apply) Helpful Hint: There are 2 correct answers. $50 cash gift you gave to your friend in a given year. This month, you bought $1,500 worth of stocks in Facebook (whose headquarters are located in Menlo, CA). This year, Sara received $600 stimulus check from the government. You paid $20 for a haircut in Tustin, CA this week. This year, Peter bought a 10-year-old home in Pasadena, CA. Social security benefits sent to a retired worker in a given year. OU.S. Unemployment benefits received this year by a newly laid-off workers. A check for $250 send by a parent to a son at a college in California. A check for $250 send by a parent to a son at a college in Canada. Häagen-Dazs, an American company, purchases milk to produce ice cream year. BTS is performing in Las Vegas, Nevada this year. You purchased BTS's concert tickets for next month.

Which of the following transactions would be included in GDP? (Select All that Apply) Helpful Hint: There are 2 correct answers. $50 cash gift you gave to your friend in a given year. This month, you bought $1,500 worth of stocks in Facebook (whose headquarters are located in Menlo, CA). This year, Sara received $600 stimulus check from the government. You paid $20 for a haircut in Tustin, CA this week. This year, Peter bought a 10-year-old home in Pasadena, CA. Social security benefits sent to a retired worker in a given year. OU.S. Unemployment benefits received this year by a newly laid-off workers. A check for $250 send by a parent to a son at a college in California. A check for $250 send by a parent to a son at a college in Canada. Häagen-Dazs, an American company, purchases milk to produce ice cream year. BTS is performing in Las Vegas, Nevada this year. You purchased BTS's concert tickets for next month.

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 12SQP

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Suppose the data BELOW is for a given year from the annual Economic Report of the President. Calculate GDP using the expenditure approach (Amount in billions of dollars): Corporate profits: $ 305Depreciation: $ 479Gross private domestic investment: $716Personal taxes: $ 565Personal saving: $120Government spending: 924Imports: $ 547Exports: $ 427Personal consumption expenditures: $ 2,966Indirect business taxes: $ 370Contributions for Social Security (FICA): $ 394Transfer payments and other income: $ 967
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Which of the following transactions should or should not be counted in GDP? Answer Yes or No and briefly explain your answer. Answers without explanation will not be considered in grading, even if they are correct. a. You buy a pair of new cowboy boots on a trip to Texas b. You buy a pair of vintage cowboy boots from your cousin in El Paso c. A cat burglar sells $10,000 of stolen jewelry to a fence d. Amazon issues $1 billion worth of new shares e. GM purchases $100 million worth of tires from Firestone f. A private company builds a new road in Memphis Y g. Stay-at-home parents provide an estimated $500 million of child care services
The following table shows data on personal consumption expenditures, gross private domestic investment, exports, imports, and government consumption expenditures and gross investment for the United States in 2007, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. Fill in the missing cells in the following table to calculate GDP. Components Personal Consumption Expenditures (CC) $9,734.2 Gross Private Domestic Investment (II) $2,125.4 Exports (XX) $1,643 Imports (MM) $2,351 Net exports of goods and services (X−MX−M) Government Consumption Expenditures and Gross Investment (GG) $2,689.8 Gross domestic product (GDP) This method of calculating GDP, which involves summing the , is called the approach.
1
look at this (Links https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/) article published by CBS News. Do you agree with the author's assessment that GDP fails to measure well being? Why (or why not)? Are there things that contribute to your well-being and happiness but are excluded from the calculation of GDP? Share an example and describe why it might be excluded from the GDP calculation.
Calculate the four components of expenditure and GDP for the following economy using data from the table below. Instructions: Enter your responses as whole numbers. GDP Consumption expenditures Exports Government purchases of goods and services Construction of new homes and apartments Sales of existing homes and apartments $550 $75 $200 $100 $200 $50 Imports Beginning-of-year inventory stocks $100 End-of-year inventory stocks Business fixed investment Government payments to retirees Household purchases of durable goods $125 $100 $100 $150 Consumption expenditures: Investment expenditures: Government Purchases: Net Exports: GDP:
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Which of the following transactions would be included in GDP?There are 2 correct answers.1. $50 cash gift you gave to your friend in a given year.2. This month, you bought $1,500 worth of stocks in Facebook (whose headquarters are located in Menlo, CA).3. This year, Sara received $600 stimulus check from the government.4. You paid $20 for a haircut in Tustin, CA this week.5. This year, Peter bought a 10-year-old home in Pasadena, CA.6. Social security benefits sent to a retired worker in a given year.7. U.S. Unemployment benefts received this year by a newly laid-off workers.8. A check for $250 send by a parent to a son at a college in California.9. A check for $250 send by a parent to a son at a college in Canada.10. Häagen-Dazs, an American company, purchases milk to produce ice cream thisyear.11. BTS is performing in Las Vegas, Nevada this year. You purchased BTS's concerttickets for next month.
Suppose a group of British investors finances the construction of a plant to manufacture skateboards in St. Louis, Missouri. How will the construction of the plant affect GDP? Suppose the plant generates $100,000 in corporate profits this year. Will these profits contribute to GDP? Why or why not?