Describe whether each component of demand comprised GDP has become more important when calculating GDP less important or stayed the same

Explain the merits, and why we would expect to see a correlation between GDP and well-being.

List and compare the four components of the expenditure approach to calculating GDP.

The country of Sylvania produces and consumes only three goods: Red Bull, pizza, and T-shirts. The quantity produced and price of each good in 2011 and 2012 are given in the following table: 2011 2012 T-Shirts Red Bull (cans) Pizza (slices) Quantity 100 530 970 Price $25 $1 $3 Quantity 120 530 890 Price $25 $2 56 Nominal GDP in 2011 was $ and nominal GDP in 2012 was $ (Enter your responses as integers.) If 2011 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was percent. (Round your response to two decimal places and use a minus sign if necessary.) If 2012 is the base year, real GDP in 2011 was $ and real GDP in 2012 was $ (Enter your responses as integers.) Based on your answer above, the percentage change in real GDP between 2011 and 2012 was Using 2011 as the base year, the GDP deflator in 2011 was and the GDP deflator in 2012 was Based on your…

Determine whether the following transaction will be included in GDP. The government provides a check to a Social Security recipient. Yes No

Which of the following are included in the year’s GDP? which are excluded? Explain your answers The purchase of 100 shares of Tesla stock. Molly buys a home which was built in 2019. Kerry buys a new sweater to wear this winter.

what is the uderlying assumption of income GDP?

Explain the shortfalls of analyzing GDP, by itself, to assess the state of the economy.

Refer to Table below. Suppose that a simple economy produces only four goods and services: sweatshirts, dental examinations, coffee drinks, and coffee beans. Assume all of the coffee beans are used in the production of the coffee drinks. Using the information in the above table, nominal GDP for this simple economy equals:   Product Quantity Price Sweatshirts      50 $35.00 Dental examinations      40 75.00 Coffee drinks 1,000   4.00 Coffee beans 2,000    0.50   a. $9,750 b. $8,750 c. 3,090 units d. $7,250

Instructions: Answer the following questions. Make sure to number your answers when you upload your response. Why do economists include only final goods in measuring GDP for a particular year? Why don’t they include the value of stocks and bonds sold? Why don’t they include the value of used furniture bought and sold?   Which of the following are included in this year’s GDP? Explain your answer in each Interest on an AT&T corporate bond. b.      Social security payments received by a retired factory worker.                                               The unpaid services of a family member in painting the family home. The income of a dentist. e.      The money received by Smith when she sells her economics textbook to a book buyer. The monthly allowance a college student receives from Rent received on a two-bedroom apartment. The money received by Josh when he resells his current-year-model Honda automobile to Kim. The publication of a college textbook. j.…