Suggest an argument for and an argument against counting in GDP all household-produced goods and services that are not sold, such as the value of child care or home-cooked meals.

Q: What are the four components of Gross Domestic Product (GDP) in formula format? List and explain…

A: Gross Domestic Product denotes the total aggregate output that is produced in the country at a given…

Q: Describe Marilyn Waring’s assessment of Gross Domestic Product (GDP) as a measure of economic…

A: She has been outspoken in her criticism of the idea of gross domestic product (GDP), the economic…

Q: If Rajal buys some land, hoping to build a house on it in the near future, this purchase would be…

A: The consumption includes only the spending by domestic households on the final goods whether they…

Q: Many financial analysts use GDP as a measure of the economy's performance. However, GDP has several…

A: The GDP is the summation of the money value of all the final goods and services produced within the…

Q: Describe how the recent change in income may have affected personal savings, business investments,…

A: In the recent period, the world economy is adversely affected by coronavirus created COVID pandemic.…

Q: why are goods and services in a country counted in GDP at market value; what are the disavantages of…

A: Answer: One of the most crucial criteria for evaluating a nation's productivity and economic…

Q: Calculation of GDP using the income approach, the size of a country's national income will be equal…

A: GDP is the final value of goods and services produced in the economy during a given period of time…

Q: In 2019, Mr. Francis paid $10m for a house that was built in 2019 and sold that year for $8m. What…

A: The house was builid on 2019 and sold to Mr Francis for 10 Million $. Therefore the house will…

Q: The following table gives data for a small country, Magnolia: Use the data to calculate GDP for…

A: National Income refers to the total income that is derived from the economic activities in a…

Q: Write an essay Explaining concisely whether the following statement is true or false: “The GDP of a…

A: GDP is the sum total of market value of final goods and services produced in a country during a…

Q: Which of the following are included in the year’s GDP? which are excluded? Explain your answers The…

A: GDP is the total market value of all the final goods produced in an economy. It measures the…

Q: For the purpose of calculating GDP, investment is spending on real estate and financial assets such…

A: GDP is the sum total of market value of final goods and services produced in a country during a…

Q: A farmer grows a bushel of wheat and sells it to a Miller for $20.00. The Miller turns the wheat…

A: Gross Domestic Product is the final value of goods and services produced in the economy during a…

Q: Which one of these items will not be a part of the current year’s GDP? a. Spending of the…

A: Current years GDP refers to the total market value of goods and services produced in the current…

Q: Respond to the following in a minimum of 175 words:  Discuss the limitations of gross domestic…

A: Gross Domestic Product The total market value of all final goods and services produced within a…

Q: GDP accounting, which of the following is not counted as investment spending?

A: Investment spending component in the GDP includes  1) purchase of capital goods like business…

Q: Explain concisely whether the statement is true or false: The GDP of a country does provide an…

A: Meaning of Macroeconomics: The term macroeconomics refers to the situation of economic and…

Q: Which of the following is included in GDP? Group of answer choices the value of lawn care service…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Define GDP. Identify the four components of GDP, used by government economists, when using the…

A: GDP: The gross domestic product i.e. GDP is the value of all finished goods and services or products…

Q: Which of the following is not included in the computation of the consumption component of gross…

A: The consumption function does include spending on durable and nondurable goods, and services in the…

Q: Which of the following would NOT be counted as a final good for inclusion in GDP? A:   a. sheet of…

A: The sum of the value of goods and services produced in an economy during a particular period is…

Q: Last year, a small nation with abundant forests cut down $200 worth of trees. It then turned $100…

A:

Q: d. You buy an antique vase at a resale shop. e. You make your own pasta sauce in your apartment. f.…

A: The value of all the goods and services produced in an economy during a given period of time at…

Q: Using the table below, calculate GDP for a particular year. Wages and salaries $4,000 Government…

A: Here, information about the components of income and expenditure method of income are given using…

Q: Nominal GDP can be found by: Answers: A. Adding the value of all final output produced…

A: GDP is the money value of all final goods and services produced in an economy during a given year.

Q: Increase in Included in GDP $(Dollars) Scenario Edison pays a carpenter to build a deck for $48,000.…

A: a)Edison pays the carpenter would be a part of GDP as this is for his consumption. So the GDP would…

Q: What are shortcomings of using GDP to measure the standard of living? Group of answer choices GDP…

A: GDP measures the value of goods and services produced in an economy during a specific period of…

Q: Fill in the blanks:  GDP = The  ______________value of all ___________ goods and services…

A: Note : Since the question contains multiple sub parts , only the first three sub parts shall be…

Q: Which of the following would be counted as afinal good for inclusion in GDP?a. A piece of glass…

A: Gross domestic product (GDP): - GDP is the market value of all final goods and services produced in…

Q: Use the information in the table below to answer  GDP at market prices =$397bn Net primary income…

A: The gross national income (GNI) refers to the total domestic and foreign output claimed by the…

Q: Tom is an organic gardener.  For several years, he produced only for his own consumption.  Last…

A: GDP or Gross Domestic Product can be defined as the sum total of the market value of all final goods…

Q: "You sell your car to a friend for $2,000 so you can buy a new car. Is this sale value included in…

A: GDP is the Gross Domestic Product of the economy. It is the final value of goods and services…

Q: Which of the following economic activities are included and which are excluded in calculating this…

A: A homeowner who mows her own lawn is not included in the GDP calculation because it does not involve…

Q: Use the following composition of expenditure for the economy of a country named the Republic of…

A: Expenditure on GDP is always equal to GDP at market prices. It indicates the total value of spending…

Q: Which one of the following actions or transactions would be included in GDP? Select all correct…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Which of the following are included in the year’s GDP? which are excluded? Explain your answers…

A: GDP comprises of expenditure carried out by domestic or foreign players on the production of…

Q: If you live in your own house, it does not count in GDP. If you rent your house, it counts in GDP…

A: GDP is the market value of all final goods and services produced within an economy in a given period…

Q: Identify whether the following items are officially included in United States GDP or GNP. The wage…

A: GDP and GNP are methods of national income accounting.

Q: GDP includes the value of final goods and NOT intermediate goods because : A. the value of…

A: GDP is the market value of all the finished goods and services produced within the domestic country…

Q: Construction contractor purchased five new trucks at $400 000 each. He sold his one old tractor to…

A: GDP refers to the gross domestic product. It is the market value of final goods and services that…

Q: In the following situations, explain what is counted (or is not counted) in this year’s GDP. You…

A:

Q: 1. Which of the following is not included in the consumption component of GDP? Group of answer…

A: 1. The consumption component of GDP includes consumption of services, consumption of durable goods…

Q: GDP: O ignores intermediate goods. O estimates the increase or decrease in quality of production…

A: Definition of GDP- The gross domestic product (GDP) is the value of all final goods and services…

Q: Your aunt, who lives in Royal Oak decides to buy a new, American made dress.  In GDP accounting this…

A: GDP or ‘gross domestic product’ is the value of the ‘goods & services’ that are produced within…

Q: Which is not considered to be a GDP investment?   The building of an apartment complex…

A: GDP is the measure of the sum of all the final services and goods produced within a country over a…

Q: A farmer sells cucumbers to a food processor for $1.50 per pound. The food processor makes the…

A: GDP measures the market value of all final goods and services produced within an economy in a given…