Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.   Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.   a. The variety of goods available to consumers b. The costs of air and water pollution c. Expenditures on federal highways d. The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government   When a U.S. company purchases and imports electronic parts from China to use to produce MP3 players within the United States, this purchase increases the (a. government purchases, b. investment, c. consumption) component of GDP while also (a. increasing, b. decreasing) net exports by the same amount. Therefore, the purchase of electronic parts from China causes (a. no change, b. an increase, c. a decrease) in US GDP.

Which of the following statements best describe how economists calculate GDP? a. Economists at the Census bureau collect data from surveys sent to consumers, private firms and government agencies and add them up on a yearly basis. b. Economists at the Bureau of Economic Analysis pull together data on sales, imports, exports, government purchase and investments from various government sources every 3 months. c. Economists at the Bureau of Labor Statistics collect data from surveys sent to consumers, private firms and government agencies and add them up every 3 months. d. Economists at the Congressional Budget Office calculate GDP for a given year by adjusting the previous year’s GDP with inflation.     Which statement best describes the difference between Nominal and Real GDP? a. Nominal GDP is Real GDP that has been adjusted to remove the distorting effects of inflation. b. Real GDP is calculated using current market prices, while Nominal GDP is calculated using the…

Which of the following is NOT included in 2004's GDP?   Group of answer choices The profit earned in 2004 from selling a stock that you purchased in 2001. The value of a personal computer produced in 2004 in the United States. The value of a car produced in 2004 in the United States and exported to England. The commission earned by an employment counselor in 2004 when she locates a job for a client.

2) Which of the following items are included in GDP? For those items not included, explain why they are not included in GDP.   You buy newly issued shares of stock in Tektaş.com, Inc. You buy a new pair of gloves at a local shopping center. You have a hair cut at your hair salon. You buy an antique vase at a resale shop.