Please explain the difference between calculating GDP using the expenditure approach and the income approach.

Explain the initial effect of each of the following events on Canada’s GDP. a) Toby sells his used car to Maria. b) The value of your Home Depot stock holdings decrease. c) You use $100,000 to buy a piece of land with the intention of building a new house on it. d) Sharon buys a new pair of jeans at a department store in another town in her province. e) An Irish tourist drinks an American beer in a Canadian restaurant. f) Your local car dealership reduces its inventory by offering price reductions. g) You sell all the shares in your Canadian National Railway Company holdings. h) Jermaine travels with Air Canada to Grenada and buys rum and spices. i) Bickram gets a haircut and beard trimmed at his local barbershop. j) Katherine, a retired worker, gets an increase in her Canada Pension Plan benefits.

List and compare the four components of the expenditure approach to calculating 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…

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.

Which approach to calculating GDP focuses on summing the value added at each stage of production? a) Expenditure approach b) Income approach c) Output approach d) Value - added approach

Define GDP and its various components in details.

Suppose a group of British investors finances the construction of a plant to manufacture skateboards in St. Louis, Missouri. How will the construction of the plant affect GDP? Suppose the plant generates $100,000 in corporate profits this year. Will these profits contribute to GDP? Why or why not?

Can you do d,e, and f