Gross domestic product refers to the value of goods and services produced in an economy.Select one:O TrueO False

Gross Domestic Product: Gross domestic product or the abbreviated form GDP refers to the final value…

Answered: Gross domestic product refers to the…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 4SQ

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Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
What are the main components of measuring GDP with what is produced?
Country A has export sales of 20 billion, government purchases of 1,000 billion, business investment is 50 billion, imports are 40 billion, and consumption spending is 2,000 billion. What is the dollar value of GDP?
a. Gross domestic product (GDP) is measured using the quantities of goods and services produced. O dollar value of financial transfer payments. O quantities of goods produced, but not services. dollar value of expenditures.
Gross domestic product is the market value of all the in a given time period. O A. U.S.-produced goods and services bought in the United States B. goods and services bought by Americans C. final goods and services produced by all firms located in the United States D. goods and services produced by American companies in all countries
Consumption in the calculation of gross domestic product does not include Consumer services O Consumer durable goods O Purchases of stocks and bonds O Nondurable consumption goods
Look at the question below
Gross domestic product measured in terms of the prices of a fixed, or base, year is Oa nominal GDP Ob base GDP Occurrent GDP Od real GDP
estion 2 Which statement is INCORRECT? To calculate the US GDP, statisticians add up the market value of our output. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. All the statements are correct. A Moving to the next question prevents changes to this answer. Q 7 $ 4 R % 5 19 T tv 6 MacBook Pro Y & 7 U * 00 8 4+ I Nc ( fr O O P Question 2 of 14 > W 13 = RA #1
The country of Caspir produces only cereal and milk. Quantities and prices of these goods for the last several years are shown below. The base year is 2008. Prices and Quantities Quantity of Cereal Year Price of Cereal Price of Milk Quantity of Milk 2008 $4.00 90 $1.50 150 2010 $5.00 120 $2.50 200 In 2010, this country's Select one. O a. real GDP was $780, and the GDP deflator was 1333 Ob. real GDP was $825, and the GDP deflator was 141.0 01eal GDP was $825, and the GDP deflator was 133. d.-real GDP was $780, and the GDP deflator was 141.0
QUESTION 12 In the expenditure approach to GDP, which of the following is excluded from measurements of GDP? O A. Government payments for goods produced by privately-owned firms O B. Government payments for goods produced by firms owned by state or local govermments C. Government transfers to households because of Covid-19 O D. All government payments are included in GDP
Transfer payments are not included in GDP calculation because these are OA. no different from income tax payments. B. income received, but not as payments for providing current goods and services. C. income from foreign countries that is transferred to the U.S. OD. payments received from an employer as a reimbursement for moving expenses.

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Gross domestic product refers to the value of goods and services produced in an economy. Select one: O True O False