Please give a detailed solution with an explanation and answer all the questions provided in the image below.For the 3 blank answers here are the options:Blank Answer #1:cost of producing or market value of or wholesale cost ofBlank Answer #2:final goods and services produced or final goods and services consumed or final and intermediate goods and services producedBlank Answer #3:by U.S. citizens or by U.S.-owned companies or within the United States 1. Activities included (and not included) in the calculation ofGDPThe gross domestic product (GDP) of the United States is defined as theallin a given period of time.Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in2019.2019 GDPScenarioIncludedExcludedFastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 10, 2019. A family buysthe sedan on December 26.Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 3, 2019. It sells the cornsyrup to Crunchy's for use in the production of cereal that will be made in the United States in 2019. (Note: Focusexclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of thecereal on GDP.)Zippycar, aautomobile company, produces a convertible at a manufacturing plant in Minneapolis on January 5,2019. It sells the car at a dealership in Detroit on February 13, 2019.An accountant starts a client's 2019 tax return on April 14, 2020, finishing it just before midnight on April 15, 2020.Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 8, 2019. Athleticus importsthe pair of sneakers into the United States on May 9, 2019.

Answered: The gross domestic product (GDP) of the…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 28P: Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100...

See similar textbooks

Related questions

Question

100%

Please give a detailed solution with an explanation and answer all the questions provided in the image below.
For the 3 blank answers here are the options:
Blank Answer #1:
cost of producing or market value of or wholesale cost of
Blank Answer #2:
final goods and services produced or final goods and services consumed or final and intermediate goods and services produced
Blank Answer #3:
by U.S. citizens or by U.S.-owned companies or within the United States

1. Activities included (and not included) in the calculation ofGDP
The gross domestic product (GDP) of the United States is defined as the
all
in a given period of time.
Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in
2019.
2019 GDP
Scenario
Included
Excluded
Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 10, 2019. A family buys
the sedan on December 26.
Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 3, 2019. It sells the corn
syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2019. (Note: Focus
exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the
cereal on GDP.)
Zippycar, a
automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 5,
2019. It sells the car at a dealership in Detroit on February 13, 2019.
An accountant starts a client's 2019 tax return on April 14, 2020, finishing it just before midnight on April 15, 2020.
Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 8, 2019. Athleticus imports
the pair of sneakers into the United States on May 9, 2019.

Expert Solution

Part 1.

GDP measures the market value of all final goods and services produced within the United States in a given period of time.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions