If Susan decides to change the oil in her car herself instead of having Speedy Lube change the oil for her, what is the impact on GDP ?

Q: What components of GDP (if any) would each of the following transactions affect? Explain. (a) Aunt…

A: We are going to answer these questions keeping Gross Domestic Product's definition as a primary…

Q: Given the following: Ca = $450, Ig = $250, Xn = − $10, and G = $30, what is the economy’s GDP.

A: GDP can be calculated by the following formula;  GDP = Consumption C + Investment I + Governemnt…

Q: Why should policymakers care about GDP?

A: GDP is the gross domestic product which provides with the value of each and every good and services…

Q: Which of the following transactions should or should not be counted in GDP? Answer Yes or No  and…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: . What is the difference between GDP and each of the following?                 a. Gross national…

A: Note : Since we only answer up to 3 sub-parts, we'll answer the question specified. Please resubmit…

Q: Many years ago, Sophie paid $500 to put together arecord collection. Today, she sold her albums at a…

A: Meaning of GDP (Gross Domestic Product): The Gross domestic product at current price is the market…

Q: Are there problems with GDP that should be fixed?

A: GDP is widely used concept to major economy health GDP is total of aggregate production of goods and…

Q: What is the contribution to 2020 U.S. GDP in the following scenario? A Michigan family takes a trip…

A: Gross Domestic Product is the total value of goods and services are Produced in the country's…

Q: which of the following transactions is exclued from GDP? a. the brazilian air force buys jets from…

A: Just recently delivered products - including those that expansion inventories - are included in GDP.…

Q: does a household purchase of a home built in 1985 affect GDP?

A: The Gross Domestic product (GDP) measures the market value of all the final goods and services…

Q: What is the formula for income and expenditure approach of GDP?

A: The market value of all final goods and services produced in the economic territory of the country…

Q: What counts as GDP (I)? By how much does GDP rise in each of the follow-ing scenarios? Explain. (a)…

A: GDP refers to the total monetary value of all final products or goods and services that are…

Q: Which of the following would be counted as afinal good for inclusion in GDP?a. A piece of glass…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Which of the following is not included in gdp?

A: Option B Imports are not included in GDP. Imports are substracted from Exports to calculate Net…

Q: What is real GDP ?

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: farmer grows a bushel of wheat and sells it to a Miller for $20.00. The Miller turns the wheat into…

A: a. GDP refers to the money value of all final goods and services that are produced within the…

Q: What component(s) of GDP (if any) would each of the following transactions affect? Explain. You buy…

A: GDP of a country estimates all the transactions within the boundary of a country. It is considered…

Q: Tom is an organic gardener.  For several years, he produced only for his own consumption.  Last…

A: GDP or Gross Domestic Product can be defined as the sum total of the market value of all final goods…

Q: H6. Which of the following transactions should or should not be counted in GDP? Answer why or why…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: "You sell your car to a friend for $2,000 so you can buy a new car. Is this sale value included in…

A: GDP is the Gross Domestic Product of the economy. It is the final value of goods and services…

Q: Is a larger GDP always better than a smaller GDP? Explain your answer with an example

A: Gross Domestic Product is the value of all the domestically produced goods and services. It…

Q: If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP?

A: GDP = consumption + Gross investment + Government spending + Net exports GDP includes monetary value…

Q: Why do economists include only final goods in measuring GDP for a particular year? Why don’t they…

A: The measure that depicts the final value of goods and services that are being produced in an economy…

Q: How is GDP a false beacon?

A: "Gross domestic product is the money value of all goods and services produced in the domestic…

Q: How to measure the economic impact of the smart city initiatives on GDP?

A: A Smart City has four important aspects: Society Economy Environment Governance These subjects…

Q: Which of the following would be included in the consumption component of GDP? Select an answer and…

A: Answer- Need to find- Which of the following would be included in the consumption component of GDP…

Q: Why do we calculate GDP using the expenditure approach

A: GDP: It means the market value of all final goods and services that are produced within a country…

Q: Which of the following are counted in this year GDP? Justify your answer. a) A local car dealer sold…

A: Gross Domestic Product refers to the value of all the finished goods and services produced inside…

Q: Do you think that economists should place a dollar value on “goods” and “bads” when computing GDP?

A: In an economy, GDP is used as the measurement of national income using different methods as they all…

Q: Explain briefly whether each of the following would cause GDP to overstate or understate the degree…

A: The total monetary or market value of all finished goods and services produced within a country's…

Q: Which of the following is a short coming of GDP? a.GDP excludes changes in inventries. b.GDP…

A: GDP measures the final value of all goods and services that are produced within the domestic…

Q: What of the following is an expenditure of an intermediate good excluded from GDP? A. American…

A: GDP refers to the final goods and services produced in an economy during a particular period of…

Q: What is economic GDP?

A: Economic growth in a country occurs when more output can be produced within a specific time period.…

Q: Which of the following transactions should or should not be counted in GDP? Answer Yes or No  and…

A: Consumer spending, investment spending, government spending, and net exports are all components of a…

Q: Suppose a parent was earning $20,000 per year working at a local firm. The parent then decides to…

A: $20,000 was the earning of parent.Babysitter earning was $10,000

Q: d. You sell your old car to a dealer for 60,000 TL. The dealer repaints it and sells it to a…

A: d) You sell an old car to a dealer for 60000 TL. Dealer repaints it and sells it to a customer for…

Q: Which of the following is a shortcoming of GDP?a. GDP excludes changes in inventories.b. GDP…

A: Gross Domestic Product is the income, output and expenditure on the economy's output of commodities…

Q: For each of the following events, what is the likely effect on GDP?

A: Gross Domestic Product is the aggregate money value of all final goods and services produced in a…

Q: what problem the value added approach to measuring GDP solved

A: Value added approach of GDP calculation refers to the approach in which all the final goods and…

Q: Identify 2 possible exclusions to GDP and discuss why they have to be excluded.

A: GDP means the  total  market value of goods and services produced domestically during the year.…

Q: What's the difference between GDP and GNP ?

A: GDP refers to the value of final goods and services produces in an economy within a year It can be…

Q: Given the following: Ca = $100, Ig = $50, Xn = − $10, and G = $30, what is the economy’s GDP?

A: GDP is calculated by  GDP = Consumption + Investment + Govenment expenditure + Net export

Q: A farmer sells cucumbers to a food processor for $1.50 per pound. The food processor makes the…

A: GDP measures the market value of all final goods and services produced within an economy in a given…

Q: What is the difference between intermediate and final goods? Why is the distinction between…

A: Macroeconomics studies the various forces affecting the economy as a whole like aggregate demand and…