Consider the expenditure approach to the measurement of GDP. For each of the following situations, decide if the transaction will affect GDP and, if so, in which expenditure category will it be included. A household purchase of a home built in 2005. A household purchase of a newly built dishwasher. A farmer purchases a new tractor to work his or her field. A disabled individual receives a transfer from Oman government. The Sultanate Department of Defence buys ten helicopters just built in the U.S.A.

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…

Question 1: For each of the activities listed below, determine if it should be included in calculating the 2022 Canadian GDP using the expenditure approach by selecting INCLUDED or NOT INCLUDED and the corresponding reason.  Activity Included/Not included Reason        A Bombardier jet made in Quebec and sold to Martinique in 2022.      A house built in Toronto in 2021 but not sold until 2022.       A new federal courthouse built in Calgary in 2022.       A fine chocolate bar produced in Denmark and sold in Vancouver in 2022.       A case of whiskey produced in Ontario in 2022 and sold to someone in Spain in 2023.       A newly planted wheat farm in Manitoba in 2022.       A resident of New Brunswick pays her property taxes in 2022.       A performance by a Japanese acrobatic dance company in Edmonton in 2022.      Payment by a resident of Montreal to their neighbor's daughter for five hours of dog-sitting service in 2022. .     Purchase of 100 shares of…

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.