the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Question

Active Learning 4: Computing GDP Cookies 2021 (base year) 2022 2023 P Q P Q P Q $1 900 $2 1,000 $3 1,250 200 $1,200 210 Smartphones $900 185 $1,000 Use the above data to solve these problems: A. Compute nominal GDP in 2021. B. Compute real GDP in 2022. C. Compute the GDP deflator in 2023. Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 34 =4

Answer 1

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Active Learning 4: Computing GDP Cookies 2021 (base year) 2022 2023 P Q P Q P Q $1 900 $2 1,000 $3 1,250 200 $1,200 210 Smartphones $900 185 $1,000 Use the above data to solve these problems: A. Compute nominal GDP in 2021. B. Compute real GDP in 2022. C. Compute the GDP deflator in 2023. Mankiw, Principles of Macroeconomics, 10th Edition. 2024 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. 34 =4

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Answer 2

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 3

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 4

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 5

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 6

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Answer 7

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Answer 8

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

Answer 9

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

Answer 10

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

Answer 11

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

Answer 12

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

Answer 13

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

Answer 14

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

Answer 15

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

Answer 16

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

Answer 17

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

Answer 18

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 19

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 20

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Answer 21

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Answer 31

Ch. 2 - Prob. 1RQ Ch. 2 - Prob. 2RQ Ch. 2 - Prob. 3RQ Ch. 2 - Prob. 4RQ Ch. 2 - Prob. 5RQ Ch. 2 - Prob. 6RQ Ch. 2 - Prob. 7RQ Ch. 2 - Prob. 8RQ Ch. 2 - Prob. 9RQ Ch. 2 - Prob. 10RQ

the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Chapter 2 Solutions