Which of the following will be counted as part of the U.S.'s GDP for a given year? Select one: O a. An antique (old) clock that is sold in a flea market Ob. A Ford focus that is produced in Germany and sold in Belgium Oc Paint purchased by a family in Lowe's to paint their house Od Nails that are purchased by a local construction company to build a house e. A babysitting service by a teenager that is never reported to the IRS Suppose that in 2011 Nominal GDP was $14 trillion and the Real GDP was $12 trillion. If Nominal GDP increased by 20% between 2011 and 2012 and Real GDP remained the same, what was the GDP Deflator in 2012? Select one: O a. 1.2 O b. 1.4 O c. 1.6 O d. 1.8 e: 2.0

Which of the following will be counted as part of the U.S.'s GDP for a given year? Select one: O a. An antique (old) clock that is sold in a flea market Ob. A Ford focus that is produced in Germany and sold in Belgium Oc Paint purchased by a family in Lowe's to paint their house Od Nails that are purchased by a local construction company to build a house e. A babysitting service by a teenager that is never reported to the IRS Suppose that in 2011 Nominal GDP was $14 trillion and the Real GDP was $12 trillion. If Nominal GDP increased by 20% between 2011 and 2012 and Real GDP remained the same, what was the GDP Deflator in 2012? Select one: O a. 1.2 O b. 1.4 O c. 1.6 O d. 1.8 e: 2.0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 34 If Volkswagen (a German-based firm) produces a car in Tennessee and exports it to Mexico, in which country's GDP will the car be counted? Germany's, because Volkswagen is a German company Mexico, because that is where the car is purchased O The United States, because that's where it was built O Both Mexico and the United States
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