n 2020, Computers Inc. produced personal computers worth $25 million. If $20 million worth was sold and $5 million worth remained unsold at year end and were added to inventories, how much did Computers Inc. contribute to GDP in 2020?
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In 2020, Computers Inc. produced personal computers worth $25 million. If $20 million worth was sold and $5 million worth remained unsold at year end and were added to inventories, how much did Computers Inc. contribute to
| a. |
$15 million |
|
| b. |
$0 |
|
| c. |
$5 million |
|
| d. |
$25 million |
|
| e. |
$20 million |
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- Last 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?Need help with this. 1. Spending - Included in the U.S. GDP for 2020, or not included ? If so, under which expenditure category (C, I, G, X etc,?) If not, why not? A.You buy a $20,000 new Toyota made in San Antonio. ____________________ B. Microsoft buys a $20,000 new Toyota made in San Antonio ________________ C. Kendrick Jones, of Alberta, Canada, buys a $20,000 new Toyota made in San Antonio_______________ D. You buy $20,000 in General Motors Corporation stock ___________________ E. You pay a lawyer $2,000 to sue your neighbor for building a fence on your land, and lose the suit. ________________________ F, You buy your neighbor’s used fence for $1,000. _________________________ H. You pay Alamo Colleges $1200 tuition for classes you took during 2020 ____________________________ I. The federal government sends Nruce Borton a social security check for $600 during 2020. _______________________________ J. The San Antonio Independent School District pays Ricki Kicker $55,000…4. a mechanic builds an engine and then sells it to a customized body shop for $7,000. the body shop installs the engine in a carand sells the car to a dealer for $20,000. the dealer then sells the finished vehicle for $35,000. a consumer drives off with the car. By how much GDP increase? what is the value added at each step of the production process? How does the total value added compare with the amount by which GDP increased?
- You did some work on it. Sub parts to be completed/solved. Need help with this 1. Spending - Included in the U.S. GDP for 2020, or not included ? If so, under which expenditure category (C, I, G, X etc,?) If not, why not? A.You buy a $20,000 new Toyota made in San Antonio. ____________________ B. Microsoft buys a $20,000 new Toyota made in San Antonio ________________ C. Kendrick Jones, of Alberta, Canada, buys a $20,000 new Toyota made in San Antonio_______________ D. You buy $20,000 in General Motors Corporation stock ___________________ E. You pay a lawyer $2,000 to sue your neighbor for building a fence on your land, and lose the suit. ________________________ F, You buy your neighbor’s used fence for $1,000. _________________________ H. You pay Alamo Colleges $1200 tuition for classes you took during 2020 ____________________________ I. The federal government sends Nruce Borton a social security check for $600 during 2020. _______________________________ J. The San…1. Spending - Included in the U.S. GDP for 2020, or not included ? If so, under which expenditure category (C, I, G, X etc,?) If not, why not? A.You buy a $20,000 new Toyota made in San Antonio. ____________________ B. Microsoft buys a $20,000 new Toyota made in San Antonio ________________ C. Kendrick Jones, of Alberta, Canada,goes to Toronto Autos to buy a $20,000 new Toyota made in San Antonio_______________ D. You buy $20,000 in General Motors Corporation stock ___________________ E. You pay a lawyer $2,000 to sue your neighbor for building a fence on your land, and lose the suit. ________________________ F, You buy your neighbor’s used fence for $1,000. _________________________ H. You pay Alamo Colleges $1200 tuition for classes you took during 2020 ____________________________ I. The federal government sends Nruce Borton a social security check for $600 during 2020. _______________________________ J. The San Antonio Independent School District pays Ricki Kicker $55,000…3. To which component of GDP expenditure (C,I,G, or NX) does each of the following belongs. A. swiss chocolates imported from europe. B. A driver's license you receive from the department of motor vehicles. C. a candle you buy at a local store. D. a new house.
- 1- When opening a print shop you need to buy printers, computers, furniture, and similar items, economists call these expenditures is capital investment. Select one: a. False b. True 2- M/S - Saud Bahwan Group, Muscat buys 30 Hyundai Accent cars from South Korea to sell during 2018 Ramadan sale. Each car is purchased at a cost of 8500 OMR. Which component of the GDP shows the reflection and how much? Select one: a. Consumption - OMR 255,000 b. Imports – OMR 255,000 c. Government purchases - OMR 255,000 d. Investment - OMR 255,000A) Write the formula for GDP (expenditure), and explain in detail eachvariable. Be sure to include types of goods/services that go into each category. B) Why are goods and services counted in GDP at market value?Are there any disadvantages or problems in using market values to measureproduction?Give an example of something that would increase GDP but would be considered undesirable and explain why. Explain the difference between real GDP and nominal GDP including which is used by economists to measure economic well-being and why they use it.
- 3. Suppose that an economy shows only the following activities in aspecific year:i. It costs an automobile manufacturing company €10 millionto assemble 5,000 cars. The cars are then sold to stores for€12 million.ii. The stores pay their workers an annual wage of €1 million andthen sell the cars directly to the consumers for €15 million.Please find other instances like this and correct them.a. Calculate the GDP in this economy using the productionof-final-goods approach.b. Calculate the GDP using the value-added approach. Showthe value added at each stage of production.c. Calculate the GDP using the income approach. Show thecosts incurred and profits earned.Use the data provided in the consumption schedule below for the nation of Nevets to answer the following questions. Disposable income (Billions of 2012 dollars) Consumption Expenditure (billions of 2012 dollars) 0 90 100 160 200 230 300 300 400 370 500 420 Which of the following is a CORRECT statement? Explain why.1. There are dis-savings at income levels of 400 and 500 billion dollars.2. The break-even level of income is 400 billion dollars. 3. Savings of 30 billion occurs at an income level of 200 billion dollars1. Define Gross Domestic Product (GDP) and discuss how it is used as a measure of living standard and the limitations of its use. 2. What other indicators (list at least 3) can be used to supplement GDP as a measure of welfare? 3. What is the difference between a final good and an intermediate good ? Give relevant examples or each if possible
