Principles Of Economics 2e
2nd Edition
ISBN: 9781680920864
Author: Timothy Taylor, Steven A. Greenlaw, David Shapiro
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Textbook Question
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Chapter 19, Problem 2SCQ
Which of the following are included in
- 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.
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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.
Identify as included or not included in gdp
You buy a classic 1965 Ford Mustang that is in perfect
condition.
The government buys 100 new F-22 Raptors fighter jet
GMC Car Company buys 100 tons of steel
use in car
frames.
You buy 100 shares of Apple stock as a retirement fund
investment.
Amazon builds a new warehouse in Austin
BMW a German company produces new cars in South
Carolina
Jim makes dinner at home
Betty takes her family to dinner at a restaurant
Walter White sells $1 million dollars of illegal drugs
: Included in GDP
:: Not Included in GDP
Which of the following are included in GDP, and which are not? a. The cost of hospital stays b. The rise in life expectancy over time c. Child care provided by a licensed day care center d. Child care provided by a grandmother e. A used car sale f. A new car sale g. The greater variety of cheese available in supermarkets h. The iron that goes into the steel that goes into a refrigerator bought by a consumer
Chapter 19 Solutions
Principles Of Economics 2e
Ch. 19 - Country A has export sales of 20 billion,...Ch. 19 - Which of the following are included in GDP, and...Ch. 19 - Using data from Table 19.5 how much of the nominal...Ch. 19 - Without looking at Table 19.7, return to Figure...Ch. 19 - According to Table 19.7, how often have recessions...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - According to Table 19.7, how long has the average...Ch. 19 - Is it possible for GDP to rise while at the same...Ch. 19 - The Central African Republic has a GDP of...Ch. 19 - Explain briefly whether each of the following...
Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - What are the main components of measuring GDP with...Ch. 19 - Would you usually expect GDP as measured by what...Ch. 19 - Why must you avoid double counting when measuring...Ch. 19 - What is the difference between a series of...Ch. 19 - How do you convert a series of nominal economic...Ch. 19 - What are typical GDP patterns for a high-income...Ch. 19 - What are the two main difficulties that arise in...Ch. 19 - List some of the reasons why economists should not...Ch. 19 - U.S. macroeconomic data are among the best in the...Ch. 19 - What does GDP not tell us about the economy?Ch. 19 - Should people typically pay more attention to...Ch. 19 - Why do you suppose that U.S. GDP is so much higher...Ch. 19 - Why do you think that GDP does not grow at a...Ch. 19 - Cross country comparisons of GDP per capita...Ch. 19 - Why might per capita GDP be only an imperfect...Ch. 19 - How might you measure a green GDP?Ch. 19 - Last year, a small nation with abundant forests...Ch. 19 - The prime interest rate is the rate that banks...Ch. 19 - A mortgage 105m is a loan that a person makes to...Ch. 19 - Ethiopia has a GDP of 8 billion (measured in U.S....Ch. 19 - In 1980, Denmark had a GDP of 70 billion (measured...Ch. 19 - The Czech Republic has 3 GDP of 1,800 billion...
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- Which of the following is not counted as part of GDP? Group of answer choices the purchase of a snow plough by the city of Minneapolis. the unsold additions to inventory at an appliances store. the purchase of a loaf of bread by a sandwich store. the interest of 100 shares of AT&T stock purchased by your grandfather.arrow_forwardWhich of the following acts are included in official gross domestic product (GDP) calculations? Dan is a volunteer coach for his daughter’s soccer team. Sue is a mother of two who has decided to withdraw from the labor force to care for the children until they are teenagers. Linda sees that her gutters are clogged with leaves and spends her Saturday cleaning out the gutters. Kathy is paid to be the assistant soccer at the local high school. Eric spends his Tuesday afternoons volunteering to read books to the children at the public library. Explain the answer with explanationsarrow_forwardWhich 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 Vegasarrow_forward
- which of the following are included in GDP and which ones are not, cost of hospital stay child care provided by a licensed day care centre the greatest variety of cheese available in super marketsarrow_forwardWhich of the following is included in GDP? the fees charged for a stock broker's services. cash income received by a self-employed landscaper that is not reported to the IRS. the value of lawn care service provided by a sixteen-year-old as part of his weekly chores. revenue from the sale of a three-year old car.arrow_forwardWhich of the following are included in this year’s GDP? Explain your answer in each Rent received on a two-bedroom apartment. The money received by Josh when he resells his current-year-model Honda automobile to Kim. The publication of a college textbook.arrow_forward
- Which of the following is not included in GDP? 1) the payments for a chiropractor's services 2) cash income paid to a day laborer that is not reported to the tax authorities 3) the replacement of brake pads on your six-year-old vehicle 4) the fees for legal services rendered by your lawyerarrow_forwardWhich of the following is included in GDP? Group of answer choices the value of lawn care service provided by a sixteen-year-old as part of his weekly chores. the fees charged for a stock broker's services. cash income received by a self-employed landscaper that is not reported to the IRS. revenue from the sale of a three-year old car.arrow_forwardWhich 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 servicesarrow_forward
- In each of the following cases, determine how much GDP and each of its components is affected (if at all). Rabia spends $200 to buy her husband dinner at the finest restaurant in Karachi. Sarah spends $1800 on a new laptop to use in her publishing business. The laptop was built in Sadia spends $1200 on a computer to use in her editing business. She got last year’s model on sale for a great price from a local manufacturer. General Motors builds $500 million worth of cars, but consumers only buy $470 million worth of them.arrow_forwardWhich of the following are included in the year’s GDP? which are excluded? Explain your answers Coca-Cola builds a new bottling unit in the United states. Income of a tax accountant working for H&R block. The value of car batteries used in production of electric cars.arrow_forwardWhich of the following is an example of investment, as a component of GDP? The purchase of bridges and dams by the government. The purchase of a truck by a delivery company. The purchase of Ford stock by an individual saving for retirement. The purchase of land by an individual.arrow_forward
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