Brief Principles of Macroeconomics...
Solutions
Brief Principles of Macroeconomics...
- What components of GDP (if any) would each of the following transactions affect? Explain.
a. Uncle Henry buys a new refrigerator from a domestic manufacturer.
b. Aunt Jane buys a new house from a local builder.
c. The Jackson family buys an old Victorian house from the Walker family.
d. You pay a hairdresser for a haircut.
e. Ford sells a Mustang from its inventory to the Martinez family.
f. Ford manufactures a Focus and sells it to Avis, the car rental company.
g. California hires workers to repave Highway 101.
h. The federal government sends your grandmother a Social Security check.
i. Your parents buy a bottle of French wine.
j. Honda expands its factory in Ohio.
Sub part (a):
Component of GDP affected by transaction.
The GDP is the summation of the monetary value of all the goods and services produced within the political boundary of a country within a financial year. The expenditure is a main part of the GDP consideration because all the expenditures turn out to be someone’s income, which can be calculated in the GDP...
Sub part (b):
Component of GDP affected by transaction.
Sub part (c):
Component of GDP affected by transaction.
Sub part (d):
Component of GDP affected by transaction.
Sub part (e):
Component of GDP affected by transaction.
Sub part (f):
Component of GDP affected by transaction.
Sub part (g):
Component of GDP affected by transaction.
Sub part (h):
Component of GDP affected by transaction.
Sub part (i):
Component of GDP affected by transaction.
Sub part (j):
Component of GDP affected by transaction.
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