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- Which of the following would NOT be included in a nation's Gross Domestic Product (GDP)? Select one: O a. In a poker game a student wins $500 that he does not report as income. Ob. A landlord rents an apartment. O c. The government purchases 100 new trucks for the Army. O d. The inventory of paper towels goes up.Which of the following is an example of (economic) investment I, as defined in GDP accounting? O a. The federal government spends on an early child development program to improve long term health outcomes of young children. O b. A used car is sold to a firm for business use. O C. You purchase bonds sold by the government of British Columbia. O d. Spending on construction of new residential buildings.Which of the following would not be included in the calculation of this year's GDP? a. a headlight bulb produced this year and purchased by Ford Motor Co. from a supplier to use in the production of a car O b. a headlight bulb produced but not sold this year and thus ending up as inventory O c. a headlight bulb produced this year and purchased at Joe's Auto Supply by Olivia to replace a burnt out bulb in her car Od. a headlight bulb produced this year and purchased at a large chain auto supply store by Olivia to replace a burt out bulb in her ca
- Which of the following is NOT part of GDP? O The purchase of new homes by consumers. O Purchases of new capital equipment by BMW. O Expenditures by the government for national defense. O Social security payments made to the elderly.Calculate GDP using the information in the table below: $Billions Government purchases of goods 1200 Services 500 Imports 400 Change in business inventories 50 Durable goods 300 Nondurable goods 600 Exports 250 Residential investment 200 Government purchases of services 500 Nonresidential investment 650 Select one: O a. 4650 O b. 4150 O c. 4000 O d. 3850What counts as GDP (II)? By how much does GDP rise in each of the fol-lowing scenarios? Explain. (a) A computer company buys parts from a local distributor for $1 million,assembles the parts, and sells the resulting computers for $2 million.(b) A real estate agent sells a house for $200,000 that the previous ownershad bought 10 years earlier for $100,000. Te agent earns a commissionof $6,000.(c) During a recession, the government raises unemployment benefts by$100 million.(d) A new U.S. airline purchases and imports $50 million worth of airplanesfrom the European company Airbus.
- False 3. The value of a 2005 boat you purchase from a boat dealer in 2007 would be counted in 2007's GDP O True FalseWhich of the following does not contribute to determining the potential GDP? a. The price level O b. The capital stock O c. Current technology O d. The size of the labor force37. Which of the following transactions would be included in GDP for 2001? O O O O A. On January 5, 2001, Chris Carter sold 100 shares of stock in IBM Corporation. B. Bonita Delgado purchases a new 2001 Oldsmobile on March 10, 2001. C. Nadav Daniel buys a used desk from the "Struggling Students Used Furniture" store on May 9, 2001. D. Levi Lathan purchases a 75-year-old penthouse on Lake Shore Drive in Chicago, Illinois, on June 23, 2001.
- The following table shows some data for an economy that produces only two goods: milk and honey. Year 2020 20 2022 Year 2020 2021 2022 2 Price Quantity Price (Dollars) (Quarts) (Dollars) 1 150 2 150 2 2022 Milk The following table shows nominal GDP, real GDP, and the GDP deflator for each year listed. Nominal GDP Real GDP (Dollars) 350 700 1,400 300 % % From 2020 to 2021, 4 350 700 Honey 4 Quantity (Quarts) 100 % (Dollars) GDP Deflator 350 Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2021 and 2022 from the preceding year. 100 100 Percentage Change In... Year Nominal GDP Real GDP GDP Deflator 2021 % % % 200 200 200 did not change; and from 2021 to 2022, Comparing the changes in 2021 and 2022, economic well-being increased more in did not change.Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all af the ontton is used to produce shts 2012 Statistics 2020 Statisties 2021 Statistics Product Quantity 120 Quantity Price Quantity Price Price $75.00 3.50 Shoes 110 $55.00 120 $70.00 Hamburgers 85 3.00 120 3.00 135 Shirts 50 30.00 50 25.00 66 25 00 Cotton 12,000 0.09 12.000 0.07 13.000 0.08 af the base year is the year 2012, then real GDP for 2020 equals $ (round you answer to the nearest pennyl and the real GDP for 2021 equals S (round your answer to the nearest pennyl. b. The (annual) growth rate of real GDP in 2021 is %. (Enter your response as a percentage rounded to hwo decimal places.)The economy of Scoob has the following output for 2019 and 2020, assuming 2019 is the base year, calculate the real GDP for 2020 in $ Gismo Applet Widgets Year Quantity Quantity Price Price Price Quantity 2019 $100 $10 $5 2020 $110 $12 10 $4 OA 225 O B. 250 O C. 200 O D. none of the above
