Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021. Scenario Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 12, 2021. It sells the bed frame to a college student on December 30. Thickburger, a U.S. fast-food company, produces a double cheeseburger at one of its many locations throughout the midwest on January 12, 2021. It sells the double cheeseburger to a customer that same day. Using wood from a red maple tree on your Michigan property you make a birdhouse in 2021. A similar birdhouse sells for $55 in a craft store. Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 22, 2021. Athena's imports the pair of basketball shoes into the United States on May 27, 2021. Cleancutters, a U.S. lumber company, produces wood at a plant in Oregon on September 6, 2021. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2021. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) Included Excluded O 2021 GDP O O O O O
Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2021. Scenario Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 12, 2021. It sells the bed frame to a college student on December 30. Thickburger, a U.S. fast-food company, produces a double cheeseburger at one of its many locations throughout the midwest on January 12, 2021. It sells the double cheeseburger to a customer that same day. Using wood from a red maple tree on your Michigan property you make a birdhouse in 2021. A similar birdhouse sells for $55 in a craft store. Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 22, 2021. Athena's imports the pair of basketball shoes into the United States on May 27, 2021. Cleancutters, a U.S. lumber company, produces wood at a plant in Oregon on September 6, 2021. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2021. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) Included Excluded O 2021 GDP O O O O O
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in
2021.
Scenario
Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 12, 2021. It sells the
bed frame to a college student on December 30.
Thickburger, a U.S. fast-food company, produces a double cheeseburger at one of its many locations throughout the
midwest on January 12, 2021. It sells the double cheeseburger to a customer that same day.
Using wood from a red maple tree on your Michigan property you make a birdhouse in 2021. A similar birdhouse sells
for $55 in a craft store.
Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 22, 2021. Athena's
imports the pair of basketball shoes into the United States on May 27, 2021.
Cleancutters, a U.S. lumber company, produces wood at a plant in Oregon on September 6, 2021. It sells the wood to
Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in
2021. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of
production of the new house on GDP.)
Included Excluded
O
2021 GDP
O
O
O
O
O
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