State whether the following statements are true or false, then explain. (a) Buying a Japanese-brand vehicle that was made in Texas would harm the U.S. GDP. (b) Ken is not a U.S. citizen but teaches at the University of Chicago. The salary of his service cannot be counted towards the U.S. GDP. (c) A $20,000 car was produced and sold to a car dealer in 2019, but it was sold to final consumer in 2020 for $20,000 – then $20,000 is counted to the GDP of 2020.
State whether the following statements are true or false, then explain. (a) Buying a Japanese-brand vehicle that was made in Texas would harm the U.S. GDP. (b) Ken is not a U.S. citizen but teaches at the University of Chicago. The salary of his service cannot be counted towards the U.S. GDP. (c) A $20,000 car was produced and sold to a car dealer in 2019, but it was sold to final consumer in 2020 for $20,000 – then $20,000 is counted to the GDP of 2020.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
Related questions
Question
State whether the following statements are true or false, then explain.
(a) Buying a Japanese-brand vehicle that was made in Texas would harm the U.S.
(b) Ken is not a U.S. citizen but teaches at the University of Chicago. The salary of his service
cannot be counted towards the U.S. GDP.
(c) A $20,000 car was produced and sold to a car dealer in 2019, but it was sold to final consumer
in 2020 for $20,000 – then $20,000 is counted to the GDP of 2020.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning