When calculating GDP, the Government Purchases (G) category will include: Group of answer choices a) welfare payment to welfare recipients b) salaries for current US military officers c) unemployment benefits d) social security checks to retirees
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A: Double counting describes an accounting error where an element or item is included more than once…
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A: please find the answer below.
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A: (D)
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A:
Q: dentify whether the following items are officially included in 2019 GDP or Not. Give specific…
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Q: The calculation of a country's GDP encompasses all private and public consumption, government…
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- Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retireeWhich of the following is included into the income measure of the US GDP? salary of Maria, a citizen of Mexico, working legally at a dental office in Queens salary of Jane, a US citizen accountant working in Korea profits of Randy the Illegal Drug-Dealer amount of a cash gift an ESC student receives from parents the value of a new garage Sam the School Teacher built himself in his back yardWhich of the following would be captured and included in the calculation of GDP? A) The cost of hospital stays. The rise in life expectancy over time. (C) Child care provided by a licensed day care center. Child care provided by a grandmother at home. A used car sale to the Brown family. A new car sale to the Brown family. (G) The greater variety of cheese available in supermarkets. The iron that goes into the steel that goes into a refrigerator bought by the Brown family.
- Which of the following is included in GDP calculations? a crisp $50 bill received on your birthday the university tuition paid to enroll in a course cash income received by a self-employed landscaper that is not reported to the IRS sales revenue received from a yard saleDetermine if the following would be included (I) or excluded (E) from the calculation of GDP. (d) An increase in business inventories _______ (e) The income of a tax accountant working for a business _______ (f) Income received from interest on a corporate bond ________ (g) Business expenditures on pollution control equipment ______ (h) Dr. Jung grows tomatoes in his backyard for home consumption _______Survey of Economics: GDP Accounting Worksheet Place the transactions below in their appropriate categories in the GDP and calculate the overall effect on the GDP of the United States. My cost for auto repairs and inspection. ($1,000) The Moon township buys rock salt to maintain the municipality’s roads in the month of February ($2,000) An RMU student goes to study in Ireland for a total cost of ($5,000) A U.S. citizen buys a refrigerator from General Electric (A US company). ($1800) A US retailer buys a new cash register ($1500) The cost of auto parts used to repair my car ($300) My total gasoline bill for a year ($1,500) A Chinese citizen buys a U.S. government bond ($5,000) A Landscaping firm’s gasoline costs for a year ($2,500): A School district buys new uniforms for its basketball team ($1100) I invest in a fidelity mutual fund ($2,000) My total food cost for a year ($8,000) An American bank loans a German citizen ($5,000) An American buys a sewing machine to produce clothing…
- GDP as a measure of economic welfare fails to account for certain factors, including nonmarket transactions, the underground economy, leisure, externalities, and the quality of the goods purchased. Considering this, which of the following are included in GDP calculations? cleaning services performed by Molly Maid Corporation lawn-mowing services performed by a neighborhood child drugs sold illegally on a local street corner prescription drugs manufactured in the United States and sold at a local pharmacy a rug woven by hand in Turkey air pollution that diminishes the quality of the air you breathe toxic-waste cleanup performed by a local company car parts manufactured in the United States for a car assembled in Mexico a purchase of 1,000 shares of IBM stock monthly Social Security payment received by a retireeWhich of the following is included in GDP? Group of answer choices the value of lawn care service provided by a sixteen-year-old as part of his weekly chores. the fees charged for a stock broker's services. cash income received by a self-employed landscaper that is not reported to the IRS. revenue from the sale of a three-year old car.Which of the following items is not part of the GDP calculation? Select one: a. Local citizens receiving medical care b. A person purchases a local car c. The government expands the highway between two main cities d. A number of unemployed citizens receive unemployment insurance benefit
- Which of the following items is not part of the GDP calculation? Select one: a. A number of unemployed citizens receive unemployment insurance benefit b. None of the answers are correct C. A person purchases a local car d. The government expands the highway between two main cities e. Local citizens receiving medical careAlthough 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 soldiersWhich of the following would be included in the calculation of gross domestic product (GDP)? The value of transfer payments The value of the sale of a used car The value of the sale of 1,000 shares of Apple stock The value of spending on new machinery and equipment The investment (I) portion of GDP includes the amount spent on capital goods. the amount spent on stocks and bonds. the amount spent on consumer goods that last more than one year. the amount spent on purchases of jewelry.
