Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 23, Problem 2CQQ
To determine
The GDP of the economy.
Expert Solution & Answer
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Students have asked these similar questions
Which of the following is added to the GDP?
A.
Exports
B.
Imports
C.
Net Exports
D.
Personal Income Tax
Use the data in the table to answer the question.
Pineapples
Coconuts
Price
2
5
2016
Nominal GDP increased by $ between 2016 and 2017.
Quantity
100
60
Price
4
4
2017
Quantity
125
75
According to the data in the table, by how much did nominal GDP change between 2016 and 2017? Assume that the given economy's GDP consists only of
coconuts and pineapples.
What is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demand
Chapter 23 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
Ch. 23.1 - Prob. 1QQCh. 23.2 - Prob. 2QQCh. 23.3 - Prob. 3QQCh. 23.4 - Prob. 4QQCh. 23.5 - Prob. 5QQCh. 23 - Prob. 1CQQCh. 23 - Prob. 2CQQCh. 23 - Prob. 3CQQCh. 23 - Prob. 4CQQCh. 23 - Prob. 5CQQ
Ch. 23 - Prob. 6CQQCh. 23 - Prob. 1QRCh. 23 - Prob. 2QRCh. 23 - Prob. 3QRCh. 23 - Prob. 4QRCh. 23 - Prob. 5QRCh. 23 - Prob. 6QRCh. 23 - Prob. 7QRCh. 23 - Prob. 8QRCh. 23 - Prob. 1PACh. 23 - Prob. 2PACh. 23 - Prob. 3PACh. 23 - Prob. 4PACh. 23 - Prob. 5PACh. 23 - Prob. 6PACh. 23 - Prob. 7PACh. 23 - Prob. 9PACh. 23 - Prob. 10PACh. 23 - Prob. 11PACh. 23 - Prob. 12PA
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- Which of the following are included in GDP, and which are not? 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.arrow_forwardLast year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?arrow_forwardHow might you measure a green GDP?arrow_forward
- Using the table below, calculate GDP for a particular year. Wages and salaries $4,000 Government purchases of goods and services $1,000 Exports $1,600 Rental income $600 Consumption spending $6,000 Transfer payments $600 Private investment spending $1,200 Profit $1,200 Imports $600 Interest income $800 Purchases of corporate stock $500 a. $10,100 b. $9,800 c. $7,000 d. $9,200arrow_forwardWhich of the following are included in this year’s GDP? Which are excluded or included. a. Interest received on an AT&T corporate bond: b. Social Security payments received by a retired factory worker: c. Unpaid services of a family member who painted the family home: d. Income of a dentist from the dental services she provided: e. A monthly allowance that a college student receives from home: f. Money received by Josh when he resells his nearly brand-new Honda automobile to Kim: g. The publication and sale of a new college textbook: h. An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay: i. A $2 billion increase in business inventories: j. The purchase of 100 shares of Alphabet (the parent company of Google) stock:arrow_forwardIn 1999 in the economy of Microtania, Consumption was $7, Investment was $5, Government spending was $8, Exports were $1, and Imports were $4. What was Microtania’s GDP?arrow_forward
- Construction contractor purchased five new trucks at $400 000 each. He sold his one old tractor to other farmers for $100 000. What is the value of GDP? a. $3 000 000 b. $2 500 000 c. $2 000 000 d. $1 000 000arrow_forwardIf a pizza maker pays $1 for tomatoes, $1 for cheese, $2 for pepperoni and sells the pizza made with these ingredients for $7, then each pizza sold contributes how much to GDP?arrow_forwardWhich of the following will be counted as part of the U.S.'s GDP for a given year? Select one: 0 a. An antique (old) clock that is sold in a flea market O b. A Ford focus that is produced in Germany and sold in Belgium c. Paint purchased by a family in Lowe's to paint their house O d. 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: a. 1.2 b. 1.4 c. 1.6 d. 1.8 e. 2.0 O O Oarrow_forward
- Tired of paying for an uber to and from work every day, a millenial decides to start biking to and from work three times a week. If each one-way uber ride costs her $8.50, what is the overall impact of her decision on GDP? a. GDP would decrease by $51 b. GDP would increase by $51 c. GDP would decrease by $16 d. GDP would not changearrow_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_forwardThe table shows different components of GDP for a given economy. What is the value of interest in this economy? Amount Component of GDP Consumption $500 $220 $500 $120 $160 $200 Investment Wages and Salaries Rent Profit Government Purchases Interest $80 $100 Exports Imports A. There is not enough information to answer this question. B. $340 C. $120 D. $220 Reset Selectionarrow_forward
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