The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the Unit 2023. Scenario Generic Motor Company, a U.S. automobile company, produces a pickup truck at a manufacturing facility in Lordstown on January 6, 2023. It sells the car at a dealership in Dallas on February 2, 2023. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2023. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) Using wood from a red maple tree on your Michigan property you make a birdhouse in 2023. A similar birdhouse sells for $55 in a craft store. Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the bed frame to a college student on December 24. Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 11, 2023. Athena's imports the pair of basketball shoes into the United States on May 29, 2023. Includ O
The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the Unit 2023. Scenario Generic Motor Company, a U.S. automobile company, produces a pickup truck at a manufacturing facility in Lordstown on January 6, 2023. It sells the car at a dealership in Dallas on February 2, 2023. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2023. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2023. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) Using wood from a red maple tree on your Michigan property you make a birdhouse in 2023. A similar birdhouse sells for $55 in a craft store. Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the bed frame to a college student on December 24. Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 11, 2023. Athena's imports the pair of basketball shoes into the United States on May 29, 2023. Includ O
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 1CQ
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Transcribed Image Text:The gross domestic product (GDP) of the United States is defined as the
all
in a given period of time.
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
2023.
Scenario
Generic Motor Company, a U.S. automobile company, produces a pickup truck at a manufacturing facility in Lordstown
on January 6, 2023. It sells the car at a dealership in Dallas on February 2, 2023.
Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2023. It sells the corn
syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2023. (Note: Focus
exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the
cereal on GDP.)
Using wood from a red maple tree on your Michigan property you make a birdhouse in 2023. A similar birdhouse sells
for $55 in a craft store.
Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 14, 2023. It sells the
bed frame to a college student on December 24.
Athena's, a U.S. shoe company, produces a pair of basketball shoes at a plant in Honduras on March 11, 2023. Athena's
imports the pair of basketball shoes into the United States on May 29, 2023.
2023 GDP
Included Excluded
O
O
O
O
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