All of the following are components of the expenditure approach to measuring GDP except from: Group of answer choices Ford Motor Company buying new Dell computers for use in its marketing department in Dearborn, Michigan. Car dealer in Iowa paid his monthly salary. The army buying new M1 Abram tanks. Alexis’ purchase of a meal at the Olive Garden in Atlanta.
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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 servicesWhat components of GDP (if any) would each of the following transactions affect? Explain. Uncle Tom buys a new refrigerator from a domestic manufacturer. Sidd buys a new house from a local builder. The Aladin family buys an old Victorian house from the Disney family. You pay a hairdresser for a haircut. Ford sells a Mustang from its inventory to the Cernogratz family. Ford manufactures a Focus and sells it to Avis, the car rental company. California hires workers to repave Highway 101. The federal government sends your grandfather a Social Security check. Honda expands its factory in Larkana.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…
- 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.Which 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 yard1) How do the following events influence Turkish GDP? Mothers living in Turkey take care of their pre-school child in their own home. You buy a new car from a dealer for 80,000 TL. You sell your father’s used car to a dealer for 70,000 TL. You sell your old car to a dealer for 60,000 TL. The dealer repaints it and sells it to a customer for 80,000 TL A Japanese company builds a factory in Düzce. (If this affects GDP, is it the Japanese or the Turkish GDP?) A German company buys stock in a Turkish company. An earthquake destroys many structures in Gebze industrial zone. The structures are not rebuilt this year. An earthquake destroys much of Gölcük and within a short time the town is rebuilt as it was before.
- Which of the following statements best describe how economists calculate GDP? Group of answer choices Economists at the Census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis. Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months. Economists at the Bureau of Labor Statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months. Economists at the Congressional Budget Office calculate GDP for a given year by adjusting the previous year’s GDP with inflation.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 soldiersWhich 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 transactions would be included in the official calculation of GDP under the expenditure method? You make cookies to give as a gift to your parents. You buy a new iPod for listening to music. You illegally download music off the Internet to put on your new iPod. O Bridgestone sells $2 million worth of tyres to General Motors Holden. A student buys a used textbook at the bookstore.Indicate what components of GDP (if any) each of the following transactions would affect. Check all that apply. Transaction Honda expands its factory in Ohio. You purchase a box of Belgian chocolate. You pay a hairdresser for a haircut. Uncle John receives a check from the federal government for unemployment insurance benefits. Your parents buy a new house from a local builder. Ford sells a Mustang from its inventory to the Martinez family. Uncle Henry buys a new refrigerator from a domestic manufacturer. New York hires workers to plow snow after a snowstorm. Consumption Investment D 0 0 D D 00 0 O 0 0 m O 0 e Government Purchases O W O 0000 Net Exports DOO 0 00000a) There are two methods of calculating GDP: income approach and expenditure approach.According to your opinion which method is better suited for calculating the GDP of Bangladesh?Briefly explain the reasons behind your answer.b) When calculating the GDP using the expenditure method why do we subtract “imports”?c) When calculating the GDP of Bangladesh using the income approach why do we add the“earnings of foreigners living in Bangladesh”?d) When calculating the GDP of Bangladesh using the income approach why do we subtract“earnings by Bangladeshis living in foreign countries”?