Macroeconomics
10th Edition
ISBN: 9781319105990
Author: Mankiw, N. Gregory.
Publisher: Worth Publishers,
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Chapter 2, Problem 2QQ
To determine
The largest component of
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Which of these will be a part of the gross domestic product?
a.
Income from this year’s final output
b.
Income of citizens from abroad
c.
Income from selling second hand items
d.
Income from illegal activities
GDP dose not value
A Total income of everyone in the economy B Total expenditure on the economy output goods and services
C non market activity such as child care. A parent provide his or her child home
D revenue
Which is the largest component of GDP?a. consumptionb. investmentc. government purchasesd. net exports
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- Which of the following is added to the GDP? A. Exports B. Imports C. Net Exports D. Personal Income Taxarrow_forwardValue of the final goods and services produced in a given year valued at that year's prices A. Nominal GDP B. Real GDP C. Net Domestic Product D. Per Capita GDParrow_forwardWhich of the following examples is counted in the calculation of GDP of the United States? A. Sam's mom prepared dinner for the family. B. An American company is producing cars in Mexico. C. A Japanese company is producing bikes in New York. D. Crystal retired to care for her aging mother.arrow_forward
- The largest component of GDP is a. private consumption expenditures b. private investment spending c. tax revenue d. government purchases of goods and services e. the nation's capital stockarrow_forwardGross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timearrow_forwardIndicate whether each of the following transactions is included or not included in the GDP of the United States. a. A textbook is purchased by a student in New Jersey in yesterday. The book was made Hawaii just last week. b. Forty pounds of apples grown by a Washington farmer and traded this morning to his neighbor for ten pounds of honey. c. A hundred dollars paid to you for babysitting last night at a home near the university. The $100 was in cash with no records kept, i.e., under the table. d. The $90 purchase of materials by you made today at the Home Depot in Springfield. You plan to build a doghouse in your backyard yourself. The doghouse is for your dog. e. A fighter jet produced in Texas last month and sold this morning to Saudi Arabia. f. Eight tons of coal mined in West Virginia last month was sold today to a power plant in Tennessee. The power plant immediately started using the coat to generate power for over 30,000 homes and businesses in the Nashville area. g. Tom retired…arrow_forward
- What is the term for the total value of goods and services produced within a country's borders in a given year? A. Gross national product (GNP) B. Gross domestic product (GDP) C. Net exports D. Aggregate demandarrow_forwardWe use market values to measure GDP because a. We want to compare different types of goods b. There are no other measures available c. We only buy goods and services from various types of markets s. Imported goods are valued using foreign currenciesarrow_forwardThe value of GDP can be found by adding together... A. wages, consumption, investment, and imports. B. government purchases, consumption, net exports, and investment. C. consumption, government purchases, transfer payments, and net exports. D. wages, investment, government purchases, and depreciation.arrow_forward
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