MyLab Economics with Pearson eText -- Access Card -- for Macroeconomics
6th Edition
ISBN: 9780134125954
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 8, Problem 8.4.4PA
To determine
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Which of the following transactions should or should not be counted in GDP?
Answer Yes or No and briefly explain your answer. Answers without explanation will not be considered
in grading, even if they are correct.
a. You buy a pair of new cowboy boots on a trip to Texas
b. You buy a pair of vintage cowboy boots from your cousin in El Paso
c. A cat burglar sells $10,000 of stolen jewelry to a fence
d. Amazon issues $1 billion worth of new shares
e. GM purchases $100 million worth of tires from Firestone
f. A private company builds a new road in Memphis Y
g. Stay-at-home parents provide an estimated $500 million of child care services
Are the following included in US GDP? Briefly explain your answer.
Used textbooks sold at your college bookstore
Use books sold at a garage sale
Cars made in the United States at a Toyota factory
Cars made in Germany at a General Motors factory
The price paid by an American tourist staying at a French hotel
The price paid by a German tourist staying at a New York hotel
look at this (Links https://www.cbsnews.com/news/why-gdp-fails-as-a-measure-of-well-being/) article published by CBS News. Do you agree with the author's assessment that GDP fails to measure well being? Why (or why not)? Are there things that contribute to your well-being and happiness but are excluded from the calculation of GDP? Share an example and describe why it might be excluded from the GDP calculation.
Chapter 8 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Macroeconomics
Ch. 8 - Prob. 8.1.1RQCh. 8 - Prob. 8.1.2RQCh. 8 - Prob. 8.1.3RQCh. 8 - Prob. 8.1.4RQCh. 8 - Prob. 8.1.5RQCh. 8 - Prob. 8.1.6PACh. 8 - Prob. 8.1.7PACh. 8 - Prob. 8.1.8PACh. 8 - Prob. 8.1.9PACh. 8 - Prob. 8.1.10PA
Ch. 8 - Prob. 8.1.11PACh. 8 - Prob. 8.1.12PACh. 8 - Prob. 8.1.13PACh. 8 - Prob. 8.1.14PACh. 8 - Prob. 8.2.1RQCh. 8 - Prob. 8.2.2RQCh. 8 - Prob. 8.2.3RQCh. 8 - Prob. 8.2.4PACh. 8 - Prob. 8.2.5PACh. 8 - Prob. 8.2.6PACh. 8 - Prob. 8.2.7PACh. 8 - Prob. 8.2.8PACh. 8 - Prob. 8.2.9PACh. 8 - Prob. 8.2.10PACh. 8 - Prob. 8.3.1RQCh. 8 - Prob. 8.3.2RQCh. 8 - Prob. 8.3.3RQCh. 8 - Prob. 8.3.4PACh. 8 - Prob. 8.3.5PACh. 8 - Prob. 8.3.6PACh. 8 - Prob. 8.3.7PACh. 8 - Prob. 8.3.8PACh. 8 - Prob. 8.3.9PACh. 8 - Prob. 8.3.10PACh. 8 - Prob. 8.4.1RQCh. 8 - Prob. 8.4.2RQCh. 8 - Prob. 8.4.3RQCh. 8 - Prob. 8.4.4PACh. 8 - Prob. 8.4.5PACh. 8 - Prob. 8.4.6PACh. 8 - Prob. 8.4.7PACh. 8 - Briefly discuss the accuracy of the following...Ch. 8 - Prob. 8.1RDECh. 8 - Prob. 8.2RDECh. 8 - Prob. 8.3RDECh. 8 - Prob. 8.4RDECh. 8 - Prob. 8.5RDECh. 8 - Prob. 8.6RDECh. 8 - Prob. 8.7RDE
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- What can you analyse from the aspects regarding GDP?arrow_forwardIdentify the immediate effect of each of the following events on the U.S. GDP. List the affected component(s) of U.S. GDP for each situation if there is a change. Briefly explain the reasons if there is no change to GDP. Assume the person described by each event is an American citizen who works and lives in the U.S. Please notice that each following event is independent of one another. A. Linda pays the college tuition fee for her daughter. B. James receives a social security check from the US government. C. John buys a sports car which is made in Italy. D. Henry buys domestically produced machinery for his start-up construction business..arrow_forwardA country has just one resource - labor - that it can use to produce two goods, books and clothing. At first the country has 10 million workers, and each worker can produce either 2 books or 5 units of clothing per day. Suppose the country wants to produce 8 million books. Suppose the price of a book is $10, and the price of a unit of clothing is $20. Using this information and your answer from the last question, calculate the country's GDP (measured in dollars per day). Enter your answer as a number in the space below. (For example, if your answer is $3.75 million, enter it as 3750000 in the space below.)arrow_forward
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