Select all events that contribute to increase the current year’s GDP in Canada? A household purchases lumbers produced during the current year to renovate his house. The government purchases meals in a restaurant for its ministers. A household purchases a newly built house. The government builds a new road. An individual gets a haircut. None of the above.

Select all events that contribute to increase the current year’s GDP in Canada? A household purchases lumbers produced during the current year to renovate his house. The government purchases meals in a restaurant for its ministers. A household purchases a newly built house. The government builds a new road. An individual gets a haircut. None of the above.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 5SQ

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Select all events that contribute to increase the current year’s GDP in Canada? An apple producer sells apples to an household. The government purchases newly produced books for the public schools. A firm produces a kitchen table but cannot sell it during the current year. A household purchases a newly built house. A household purchases an old house using the service of a real estate agent. None of the above.
Select all events that contribute to increase the current year's GDP in Canada? A firm provides accounting services to a household. The government purchases newly produced books for the public schools. A construction company purchases lumbers produced before the current year to build houses. A household purchases an old house without the need of a real estate agent. The government increases transfers to households. None of the above.
Which of the following would cause the value of a nation's GDP to increase in a given year? An increase in the sale of illegal goods in the economy An increase in the sale of used cars More people choose to stay at home to raise their children rather than using paid childcare Households spend more on domestic air travel
You work for the Committee for Economic Evaluation in the small nation of Kinsdale. Your current job is to determine the country's gross domestic product in the past year. Being a very small country, the people only produce three things, which are listed in the table below. Good Bananas Hiking boots Roses Quantity produced in the past year 42,000 10,000 10,000 Price $1.50 $15 $4.00 Based on the data in the table, what is the GDP for Kinsdale? $
Question 9 Which of the following affects this year's GDP? There may be more than one answer. a) The government decides to hand out more money to the poor. b) The government decides to raise health workers' salaries. c) The parliament decides to freeze their own salaries. d) You volunteer as a vaccine provider.
Real GDP refers to: GDP data that embody changes in the price level, but not changes in physical output. GDP data that reflect changes in both physical output and the price level. GDP data that have been adjusted for changes in the price level. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income.
A criticism of gross domestic product (GDP) is that it can both underestimate and overestimate production and well-being in an economy. Which of the following is a reason that GDP might underestimate the actual production and well-being in an economy? GDP is adjusted for changes in product quality and variety over time. GDP includes how difficult production is for workers. GDP ignores sustainability. GDP excludes production not traded in markets.
The calculation of a country's GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted). Explain how each of the following items are treated in the computation of GDP for 2020. Interest on treasury issued by the Bank of Ghana? Social security payments paid to retired employees in Ghana? You assisted your parents to weed your family backyard? The property income received by a hauler? The money received by Martha when she sold her mother’s old blender? The monthly allowance a student receives from scholarship secretariat? The money received by Matthew Amoako when he bought Afia’s laptop? The value of working in progress is $2 billion? Asamoah withdraw GHC 5m from his bank accounts to purchase of 1000 shares of GCB Bank stock To protect his employees from the risk of contracting the COVID 19, the president…
Profits earned in the United States by foreign-owned companies are included in the U.S. GDP but not GNP. neither the U.S. GDP nor GNP. the U.S. GNP but not GDP. both the U.S. GDP and GNP.
The US government pays $10 million to Iran for crude oil to add to US government-owned oil reserves. No production of crude oil occurred within the U.S and no sales abroad took place during that period of time. What happens to U.S GDP? No net effect on U.S GDP US GDP increases by $10 million U.S GDP decreases by $10 million U.S debt increases by 10 million
The calculation of a country's GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted). Explain how each of the following items are treated in the computation of GDP for 2020. Interest on treasury issued by the Bank of Ghana Social security payments paid to retired employees in Ghana You assisted your parents to weed your family backyard The property income received by a hauler The money received by Martha when she sold her mother’s old blender The monthly allowance a student receives from scholarship secretariat The money received by Matthew Amoako when he bought Afia’s laptop The value of working in progress is $2 billion Asamoah withdraw GHC 5m from his bank accounts to purchase of 1000 shares of GCB Bank stock To protect his employees from the risk of contracting the COVID 19, the…
Although GDP is a reasonably good measure of a nation's economic well-being, it does not necessarily include all factors that contribute to it. Which of the following factors are not accounted for in calculations of the GDP of Canada? Check all that apply. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The parts of a car manufactured in Canada that are produced in the United States The variety of goods available to consumers The loss of enjoyment people suffer when scenic land is converted to commercial use Federal government paycheques to soldiers