37.Which of the following transactions would be included in GDP for 2001?O O O OA. On January 5, 2001, Chris Carter sold 100 shares of stock in IBM Corporation.B. Bonita Delgado purchases a new 2001 Oldsmobile on March 10, 2001.C. Nadav Daniel buys a used desk from the "Struggling Students Used Furniture" store on May 9, 2001.D. Levi Lathan purchases a 75-year-old penthouse on Lake Shore Drive in Chicago, Illinois, on June 23, 2001.

GDP refers to the total monetary value of all final goods and services that a nation can produce in…

Answered: 37. Which of the following transactions…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Which of the following is NOT part of GDP? O The purchase of new homes by consumers. O Purchases of new capital equipment by BMW. O Expenditures by the government for national defense. O Social security payments made to the elderly.
What components of GDP (if any) would each of the following transactions affect? (with the expenditure approach) a. Dodge sells a Neon from its inventory to someone in France. b. Uncle Frank buys a newly constructed house in Atlanta. c. A family goes to Great Clips to get their hair cut. d. Chicken purchased by a chef preparing Chicken Marsala for her customers. e. Oprah will only buy Columbian coffee. f. Home Depot expands some of its stores in the Chicagoland area. g. An extension of tollway I-355 built by the state of llinois
5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year 2017 2018 2019 Year 2017 2018 2019 Cupcakes Price (Dollars per cupcake) 1 2 Quantity (Number of cupcakes) 110 140 100 Use the information from the preceding table to fill in the following table Nominal GDP Real GDP (Dollars) (Base year 2017, dollars) Price (Dollars per eraser) 1 Erasers GDP Deflator Quantity (Number of erasers) 180 210 190
3. To which component of GDP expenditure (C,I,G, or NX) does each of the following belongs. A. swiss chocolates imported from europe. B. A driver's license you receive from the department of motor vehicles. C. a candle you buy at a local store. D. a new house.
3. Calculate real GDP (billion $) with a GDP deflator of 1.25 if the nominal GDP for the year has grown by 50 billion $ and amounted to 1,000 billion $. 56 > >I 8O 00 1708 W
Consider a simple economy that produces two goods: cheese and wine. The following table shows the prices and quantities of the goods over a three-year period. Please explain the formulas you used to get your answer. Grapes Аpple S Year Price Quantity Quantity Price 2017 $21 110 $30 500 2019 $24 145 $30.5 500 2019 $24 150 $31 520 For each year, calculate nominal GDP, real GDP, and the GDP deflator. Use 2017 as the base year. Fill in the cells in the table below and submit it in your answer. In your answer. Year Nominal GDP RGDP GDP deflator 2018 2019 2020
23. Which of the following is used to calculate GDP through the expenditure approach? a.C + I + G + (X - M) b.C + I + G + (M -X ) c.C + I + G + X d.C + I + G + SClear my choice
5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period. Cupcakes Erasers Price Quantity Price Quantity Year (Dollars per cupcake) (Number of cupcakes) (Dollars per eraser) (Number of erasers) 2015 1 110 1 180 2016 2 140 4 210 2017 4 100 4 190 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP Year (Dollars) (Base year 2015, dollars) GDP Deflator 2015 2016 2017 From 2016 to 2017, nominal GDP and real GDP
3. For each of the following events, what is the likely effect on GDP? a. an increase in government military spending due to the war in Ukraine b. Prostitution is made legal across the country. c. A miller sells flour to a baker. d. A miller sells flour to a final consumer. e. There is a large decline in the consumption of cigarettes. f. There is a large decline in the consumption of heroin. g. There is an increase in divorce rates.
5. Real versus nominal GDP Consider a simple economy that produces two goods: cupcakes and erasers. The following table shows the prices and quantities of the goods over a three-year period. Year 2018 2019 2020 Cupcakes Year 2018 2019 2020 Price (Dollars per cupcake) 1 2 4 Quantity (Number of cupcakes) 120 130 130 Price (Dollars per eraser) 1 Erasers 4 4 Use the information from the preceding table to fill in the following table. Nominal GDP Real GDP (Dollars) (Base year 2018, dollars) GDP Deflator and real GDP Quantity (Number of erasers) 195 From 2019 to 2020, nominal GDP The inflation rate in 2020 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? ● Real GDP measures the value of the goods and services an economy produces, but nominal GDP measures the value of the goods and services an economy consumes. 195 145 ● Real GDP is not influenced by price changes, but nominal GDP is. Real GDP includes the value of exports, but nominal GDP does not.
Question 18 Which of the following is included as investment in GDP? i. cars produced during the year but unsold at the end of the year ii. new capital equipment produced and purchased during the year iii. purchases of a company's stocks and bonds Oi only O ii only O iii only i and ii O i, ii, and iii Moving to another question will save this response.
In 2020, Delorse Greenlee purchased a 1892 painting by Paul Cezanne for $250 million. She also paid a 1 percent commission to the auction house that sold the painting. What was the contribution of these transactions to GDP in the year 2020? Select one: a. $2.5 million b. $252.5 million C. $25 million d. $0

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