Need asap please... If the U.S. government wanted to, it could just say that everyone who is unemployed is “employed in the job search” and receiving a paycheck for this “work,” and the government could claim that these government employees are producing “job search services.” Recall that in the official definition of GDP, government purchases(G), do not include transfer payments like unemployment checks and Social Security. -- Would this change in the definition of GDP increase GDP? Would it improve well-being?

Need asap please... If the U.S. government wanted to, it could just say that everyone who is unemployed is “employed in the job search” and receiving a paycheck for this “work,” and the government could claim that these government employees are producing “job search services.” Recall that in the official definition of GDP, government purchases(G), do not include transfer payments like unemployment checks and Social Security. -- Would this change in the definition of GDP increase GDP? Would it improve well-being?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter4: The Aggregate Economy

Section: Chapter Questions

Problem 8E

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2.Now, from our class discussions I created an example that you inherited the company, --let’s called is U-- that owns the land growing the trees and you sell your cut down trees to Company V for $30,000. Company V converts your trees into logs and sell them further down the industry supply chain. Think about the impact of this transaction between Company U and Company V on increasing the GDP. Which one of the parts of the GDP formula does this $30,000 transaction increase: C, I, G, X, or I? Correctly identify which one increases GDP and why you chose that part of the GDP impacted.
How does the figure arrived at in adding up the demand side components of GDP relate to the number arrived at by adding up all of the components of the supply side of GDP? Note: don't use chat gpt
Suppose the current GDP is $11.3 trillion. Assuming that consumption is $6.7 trillion, investment is $2.1 trillion, exports are$1.8 trillion, and imports are $1.4 trillion, government purchases are $___ trillion. If GDP measured in billions of current dollars is $5,465, consumption is $3,657, investment is $741, and net exports are -$1,910, then government purchases are:
Suppose an U.S. farmer sells a truckload of sugar cane to a sugar refinery for $200. The refineryextracts the sugar from the sugar cane and sells it to Coca-Cola for $350. Coca-Cola uses the sugarin its bottling plant in Toronto, Canada and the resulting Cola is sold in Canada for $575. How willthis string of transactions affect U.S. GDP? How will it affect U.S. GNP? How will it affect CanadianGNP and GDP?
If in some country personal consumption expenditures in a specific year are $70 billion, purchases of stocks and bonds are $35billion, net exports are -$40 billion, government purchases are $60 billion, sales of second-hand items are $8 billion, and gross investment is $25 billion, what is the country's GDP for the year? What is NDP for year?
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Suppose that in 1994 the total output in a single-good economy was 10,000 buckets of chicken. Also suppose that in 1994 each bucket of chicken was priced at $1O. Finally, assume that in 2015 the price per bucket of chicken was $16 and that 22,000 buckets were produced. Instructions: In parts a-b, enter your answer rounded to 1 decimal place. In part c, enter your answers as a whole number. a. What is the GDP price index for 1994, using 2015 as the base year? b. By what percentage did the price level, as measured by this index, rise between 1994 and 2015? percent c. What were the amounts of real GDP in 1994 and 2015? In 1994, real GDP = $ In 2015, real GDP = $
Below is a list of domestic output and national income figures for a given year. All figures are in billions. The ensuing questions ask you to determine the major national income measures by both the expenditure and income methods. Answers derived by each approach should be the same. Using the above data, determine GDP and NDP by the expenditure method. Calculate National Income (NI) by the income method. Personal consumption expenditures..............Net foreign factor income earnedTransfer payments...........................RentsConsumption of fixed capital (depreciation).......Social security contributionsInterest.......Proprietors’ incomeNet exports..........................................Dividends (part of corporate profits)Compensation of employees.............Indirect business taxesUndistributed corporate profits (part of profits)....Personal taxesCorporate income taxes (part of corporate profits)....Corporate profitsGovernment purchases........Net private domestic…
An economy’s output is also its income.” Do you agree? Discuss why an economy’s output, in essence, is also its income? explain with the two different ways of looking at GDP: expenditure and income approach
• Holly has recently graduated from college and has bought a house that was built 50 years ago for $100,000. She used a real estate agent to help her find and purchase the house, and the real estate agent received 5 percent of the value of the sale, or $5,000, to be paid by the seller of the house. The value of GDP in this case would increase by $95,000. increase by $105,000 increase by $5,000. increase by $100,000.
Use the information in the table below to answer GDP at market prices R397bnNet primary income payments to the rest ofthe worldR37bnIndirect taxes R23bnSubsidies R11bn Q.3.2 Calculate the value of net national product (NNI) at market prices
When using the income approach to measure GDP, what calculation must be done to convert GDP at factor costs to GDP at market prices? The calculation is ______ to factor costs. A. add a statistical discrepancy B. add indirect taxes less subsidies C. subtract indirect taxes less subsidies D. subtract indirect taxes add subsidies Thank you!