Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742375
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 7, Problem 4QP
To determine
Explain the activities of increase and decrease in
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Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?
How could we increase GDP?
As an economist with the World Bank you have been asked to measure the Gross Domestic Product for the US for 2019. You are told that the private consumption, gross domestic investment, government purchases and exports all add up to $ 24 trillion. You later learn that imports to the US in 2019 were $4 trillion. To get GDP, you should
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A.
Ignore the $ 4 trillion because exports have already been included in the $ 24 trillion
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B.
Add $ 4 trillion to $24 trillion because imports are used as inputs in the production of other goods in the US
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C.
None of the above
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D.
Subtract $4 trillion from $24 trillion because imports are not part of US domestic output
Chapter 7 Solutions
Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
Ch. 7.1 - Prob. 1STCh. 7.1 - Prob. 2STCh. 7.2 - Prob. 1STCh. 7.2 - Prob. 2STCh. 7.2 - Prob. 3STCh. 7.4 - Prob. 1STCh. 7.4 - Prob. 2STCh. 7.4 - Prob. 3STCh. 7 - Prob. 1QPCh. 7 - Prob. 2QP
Ch. 7 - Prob. 3QPCh. 7 - Prob. 4QPCh. 7 - Prob. 5QPCh. 7 - Prob. 6QPCh. 7 - Prob. 7QPCh. 7 - Prob. 8QPCh. 7 - Prob. 9QPCh. 7 - Prob. 10QPCh. 7 - Prob. 11QPCh. 7 - Prob. 12QPCh. 7 - Prob. 13QPCh. 7 - Prob. 14QPCh. 7 - Prob. 1WNGCh. 7 - Prob. 2WNGCh. 7 - Prob. 3WNGCh. 7 - Prob. 4WNGCh. 7 - Prob. 5WNGCh. 7 - Prob. 6WNGCh. 7 - Prob. 7WNGCh. 7 - Prob. 8WNGCh. 7 - Prob. 9WNGCh. 7 - Prob. 10WNGCh. 7 - Prob. 11WNG
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- What else does GDP ignore?arrow_forwardIs it reasonable or does it make sense, that while US exports are added to GDP, US imports are subtracted from GDP?arrow_forwardAs you learned in the most recent chapter, GDP is the broadest measure of economic health in the U.S. Therefore, the discussion forum for the week will ask you to discuss GDP in your own words. Specifically,  Business leaders, Government officials, and investors are often fixated on GDP results and economic growth. Why? What does it matter? The same level of interest is given to productivity. What is it and why does it matter in the scheme of things? What does GDP fail to tell us?arrow_forward
- Why is the GDP important?arrow_forwardCan you give two examples of goods or services that are in GDP and two examples of goods or services that are excluded in GDP.arrow_forwardwhich of the below statements about the U.S. GDP do you think is INCORRECT?  Group of answer choices India has a GDP that is many times the size of the GDP of Israel. Yet, of the two, Israel is considered to be the richer economy because it has a higher per capita income.  GDP may give us a measure of economic prosperity, but it is at best an imperfect measure, since it does not indicate the level of happiness, leisure, literacy, life expentancy, environmental preservation, or other such factors that may improve the quality of human life.  China achieved its rapid rate of GDP growth in the 21st century with little, if any, environmental depletion or pollution.arrow_forward
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