GDP: ○ Is a less- perfect measure of social well-being because it does not include exports and imports. Is the dollar value of all goods and services produced outside the boarders of a nation. Is the dollar value of all goods and services produced within the boards of a nation. O Includes intermediate and final goods and services. All answers are correct

GDP: ○ Is a less- perfect measure of social well-being because it does not include exports and imports. Is the dollar value of all goods and services produced outside the boarders of a nation. Is the dollar value of all goods and services produced within the boards of a nation. O Includes intermediate and final goods and services. All answers are correct

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 1SQ

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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 retiree
The GNP of a country is $200 billion, receipts of factor income from the rest of the world are $10 billion, payments of factor income to the rest of the world are $30 billion, and depreciation is $25 billion. What is the GDP and the Net National Product?
Which of the following transactions or activities would be counted in your country’s GDP? Explain your answers. A transportation company acquires a fleet of second-hand vehicles. The same transportation company acquires 1.000 gallons of gas from a foreign company deducted from the net export component of GDP. You buy 10 short-term government bonds. A mining company acquires new government licenses to drill in land the company already owns. You pay for a new haircut at your local hairdresser. Foreign residents buy a bundle of your country’s food specialties on an online retail site. Your parents spend a whole day cooking meals to be handed out to their poorer neighbors. The local government acquires furniture for newly built schools. Two telecommunications companies merge. A non-profit organization buys an apartment to lodge their headquarters.
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 retiree
The table below contains data for country A for the year. Household purchases of durable goods Household purchases of nondurable goods Household purchases of services Household purchases of new housing Purchases of capital equipment Inventory changes Purchases of new structures Depreciation Salaries of government workers Government expenditures on public works Transfer payments Foreign purchases of domestically produced goods Domestic purchases of foreign goods What was country A's GDP? $1293 $1717 $301 $704 $310 $374 $611 $117 $1422 $553 $777 $88 $120
Gross Domestic Product was designed as a measure of economic activity, specifically a measure of national production. Despite this intent, GDP is widely interpreted as a measure of economic welfare or standard of living (when measured in per capita terms). What are the shortcomings of using GDP as a measure of economic welfare? What would you like to add to (or subtract from) GDP to make it a better reflection of how well people are doing in a nation? Don’t limit yourself to ideas from the module.
Gross Domestic Product (GDP) is the broadest measure of output for an economy. However, GDP does not perfectly measure well-being of a nation and its citizens' welfare. Discuss what GDP is and what it measures? Discuss what the shortcomings (limitations) of GDP as a measure of well-being and welfare of a nation are?
Calculate GDP for a country with investment of $2 trillion, government purchases of $3 trillion, capital depreciation of $1.5 trillion, consumption of $10 trillion, exports of $3.4 trillion, and imports of $3.9 trillion.
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…
To calculate GDP from the income side, one must add together wages, a) government income, interest, and profits. b) consumption and depreciation. c) interest, rent, depreciation, profits and indirect taxes net of subsidies. d) investment, rent, depreciation, profits and indirect taxes net of subsidies. e) net exports, depreciation, and profits.
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…
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