Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)? Select one: O a. In a poker game a student wins $500 that he does not report as income. O b. A landlord rents an apartment. O c. The government purchases 100 new trucks for the Army. d. The inventory of paper towels goes up.
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- Which of these statements is not true when we discuss GDP calculation? O a. GDP includes earnings of both the citizens and non-citizens but are residing inside the country. Ob. Incomes made by a citizen outside of his country will be included in the calculation of GDP O c. Expenditures of citizens and non-citizens made inside the country is included in GDP calculation O d. Incomes made by expatriates are included in the calculation of GDPWhy is per capita gross domestic product (per capita GDP) better than gross domestic product (GDP) as a measure of a country's wealth? O Location and land mass have a large effect on GDP and must be considered in assessing a country's economy. O Because per capita GDP takes population into account, it is more useful for comparing the standard of living in different countries. O Per capita GDP provides information on income, while GDP only provides information on investment. O Per capita GDP includes the value of land, minerals, and crops not counted by normal GDP. The advantages of the sole proprietorship include O ease of start-up © full control ob business decisions © exclusive rights to profits © all of the aboveWhat counts as GDP (II)? By how much does GDP rise in each of the fol-lowing scenarios? Explain. (a) A computer company buys parts from a local distributor for $1 million,assembles the parts, and sells the resulting computers for $2 million.(b) A real estate agent sells a house for $200,000 that the previous ownershad bought 10 years earlier for $100,000. Te agent earns a commissionof $6,000.(c) During a recession, the government raises unemployment benefts by$100 million.(d) A new U.S. airline purchases and imports $50 million worth of airplanesfrom the European company Airbus.
- Suppose that a country produces 200 million dollar value of total outputin a year. The country produces only two goods: pepperoni pizzas andbottles of soda. The price of a pepperoni pizza is $5 and the price ofa bottle of soda is $2. Draw the country’s iso-value line on a graph. Ifthe price of a pepperoni pizza increases to $8, what will happen to thecountry’s iso-value line?In the GDP equation, business spending is referred to as: O Consumption Investment O Government O Net Exportsa. Consider an economy which produces and sells, among a host of other things, 100 million T‑shirts a year. The average T‑shirt begins life when a farmer plants seeds she put away last year, waters them, and harvests the cotton, then sells the cotton to a mill for $0.75, which sells the fabric to a T‑shirt factory for $1.50, which sells its T‑shirts to a wholesaler for $5, who sells it to Nordstrom for $10, which finally sells it to you for $17. Determine the impact of T‑shirts on annual GDP by calculating the value added of the entire production process. b. Now, calculate the amount spent on T‑shirts in a year if 100 million T‑shirts are sold, each for $17. How does this compare to the amount calculated through the value‑added method?
- Additions to inventory O a. Add to next year's GDP when goods are actually sold O b. Add to current year's GDP O C.Are prices at zero since they have not been sold O d. Are simply intoned while calculating GDPIf the GDP per capita grows by 5%, it means that O a. The rich people's incomes increased by 5% © b. On the average, the people's income grew by 5% © c Everyone's income grew by 5% d. Employment rates increased by 5%Economics. Suppose the following information was published by the Australian Bureau of Statistics in 2017: Item Amount (AUD billion) Household consumption 5,029.81 Government consumption 20,340.92 Exports 1,386.39 Value of cocaine seized at Sydney Airport 20,500 Value of intermediate goods in tractor manufacturing 502,003 Gross private domestic investment 352.69 Imports 386.95 Components used in the manufacture of cars 40,000 Gifts 15,236 Government investment 88.19 Value of second-hand goods 500.00 Value of banned endangered species elephant tasks seized at Melbourne Airport 600.00 Use the information provided to calculate Australia’s GDP in 2017
- 8) Assume that apples cost $0.50 in 2002 and $1 in 2009, whereas oranges cost $1 in 2002and $1.50 in 2009. If 4 apples were produced in 2002 and 5 in 2009, whereas 3 oranges wereproduced in 2002 and 4 in 2009, then real GDP (measured in 2002 prices) in 2009 was:a. $5.b. $6.50.1. Calculate GDP, NDP, NI, PI, and DI from the following information. All numbers are in billions of dollars. Wages $ 26,500Consumption Expenditures $30,000Government Expenditures $15,000Imports $18,000Exports $20,000Property Taxes $16,000Sales Taxes $9,715Retained earnings $1,310Personal Income Taxes $2,200Private Investment Expenditures $14,000Interest Income $1,940Pay Roll taxes $1,000Transfer Payments $800 Depreciation $1,200Net Income Made Abroad by Americans $160Indirect Business taxes $2,000Corporate Income Taxes $300 2. Calculate a) labor force, b) labor force participation rate, and c) unemployment rate if the population of a country is 240 million people out which 70 million are under the age of 16, 30 million don't want to work and 10 million are looking for work. 3. Calculate the inflation rate from 2019-2020 if the index number in 2019 was 115 and the index number in 2020 was 119.able 1 contains price and quantity information for two products produced by Apple,the iPhone and Apple Watch for 2016 and 2017. Let’s assume that they were producedin the United States.Table 1: Apple Products 2016 2017 Price Quantity Price QuantityiPhone $1,200 300 $1,250 400Apple Watch $500 800 $650 850 Calculate the amount contributed by Apple to nominal U.S. GDP from the salesof the two products in 2016 and 2017. Calculate the amount contributed by Apple to real U.S. GDP from the sales ofthe two products in 2016 and 2017. Determine the growth rate of nominal GDP (if Apple were the entire economy). Determine the growth rate of real GDP (if Apple were the entire economy). Use the shortcut you learned to convert between real and nominal growth ratesto determine the growth rate of prices. Is the increase in nominal GDP due to a change in…