(a) To explain: The meaning of Gross Domestic Product .

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Answer 1

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Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

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Answer 2

Question

100%

Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

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Answer 3

Question

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Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

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Answer 4

Question

100%

Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

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Answer 5

Question

100%

Answer 6

Question

100%

Answer 7

Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 8

Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

Answer 9

Chapter 19, Problem 1P

To determine

(a)

To explain:

The meaning of Gross Domestic Product.

Answer 10

Expert Solution

Explanation of Solution

The GDP refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product. Generally, the value of GDP is calculated for an year.

Mathematically, GDP is expressed as,

GDP=C+I+G+NX

Where,

C is Consumption,

I is Investment,

G is Government spending and

NX is Net exports.

Answer 11

Expert Solution

Answer 12

Expert Solution

Answer 13

Expert Solution

Answer 14

Economics Concept Introduction

Gross Domestic Product:

The value calculated by a country's economic activities is referred as the gross domestic product of that country.

Answer 15

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 16

To determine

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

Answer 17

Expert Solution

Answer to Problem 1P

The reason gross domestic product measures only the final value of goods and services is that if the raw materials and intermediate goods are counted, it will lead to the issue of double counting.

Answer 18

Expert Solution

Answer 19

Expert Solution

Answer 20

Expert Solution

Answer 21

Explanation of Solution

If there is inclusion of raw materials of goods and services, it would result in double counting.So,gross domestic product measures only the final value of thegoods and services.

Answer 22

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 23

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 24

To determine

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

Answer 25

Expert Solution

Answer to Problem 1P

Gross domestic product measures only the value of goods and services within a country as the production is measured at the domestic level.

Answer 26

Expert Solution

Answer 27

Expert Solution

Answer 28

Expert Solution

Answer 29

Explanation of Solution

When an individual measures production at a domestic stage,it includes the ultimate price of goods and services manufactured inside the domestic area of a nation. Thus, Gross Domestic Product measures only the price of goods and services within the nation.

Answer 30

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 31

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 32

To determine

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

Answer 33

Expert Solution

Answer to Problem 1P

The sales of used goods is not included in the Gross Domestic Product. This is beacusetheseare already included in the Gross Domestic Product at the time of manufacturing and it is not the final production of the manufacturer.

Answer 34

Expert Solution

Answer 35

Expert Solution

Answer 36

Expert Solution

Answer 37

Explanation of Solution

As the sales of used goods are included in the gross domestic product at the time of manufacturing, counting its resale will lead to double counting. Hence, the sale of used goods is not included in the GDP.

Answer 38

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 39

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 40

To determine

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.

Answer 41

Expert Solution

Answer to Problem 1P

The sales of corporate stock is not included in the gross domestic product.

Answer 42

Expert Solution

Answer 43

Expert Solution

Answer 44

Expert Solution

Answer 45

Explanation of Solution

Since the sales of corporate stock from one stockholder to another is only the change in the ownership and does not refers to any change to economic activity or production.So, it is not included in the Gross Domestic Product.

Answer 46

Economics Concept Introduction

Gross Domestic Product:

It refers to the price value of all finished goods and services produced within a country in a particular financial year. Personal consumption, net exports, government spending, and business investments are the four components of gross domestic product.

Answer 47

Ch. 19 - Prob. 1P Ch. 19 - Which of the following are included in GDP...Ch. 19 - Prob. 3P Ch. 19 - Prob. 4P Ch. 19 - Prob. 5P Ch. 19 - Prob. 6P Ch. 19 - Prob. 7P Ch. 19 - Prob. 8P Ch. 19 - Prob. 9P Ch. 19 - Nominal GDP in Nowhereland in 2018 and 2019 is as...

(a) To explain: The meaning of Gross Domestic Product .

(a) To explain: The meaning of Gross Domestic Product.

Explanation of Solution

(b) To explain: The reason behind the final value of goods and services only is measured by the GDP.

Answer to Problem 1P

Explanation of Solution

(c) To explain: The reason behind the value of goods and services produced within acountry is only measured by GDP.

Answer to Problem 1P

Explanation of Solution

(d) To explain: The way treatment is done by the Gross Domestic Product to the sales of used goods.

Answer to Problem 1P

Explanation of Solution

(e) To explain: The way sales of corporate stock is treated by the gross domestic product.

Answer to Problem 1P

Explanation of Solution

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Chapter 19 Solutions

(a)

To explain:

The meaning of Gross Domestic Product.

(b)

To explain:

The reason behind the final value of goods and services only is measured by the GDP.

(c)

To explain:

The reason behind the value of goods and services produced within acountry is only measured by GDP.

(d)

To explain:

The way treatment is done by the Gross Domestic Product to the sales of used goods.

(e)

To explain:

The way sales of corporate stock is treated by the gross domestic product.