Answered: The single largest expenditure…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Paul sells $500k of Lumber to George. George uses this lumber to produce $2M of Furniture, then sells that Furniture to Ringo’s Retail store. Ringo sells the Furniture purchased from George for $3M to consumers. How much GDP was created? Group of answer choices GDP created = $1M GDP created = $5.5M GDP created = $500k GDP created = $3M
Which of the following is included in GDP check all correct answers government transfer payments form, buying new Mac, missionary, purchases of company, stocks, government, purchases of labor, Gots and services. Savings consumes consumers, buying new cell phones with
Consumption reflects _______ income. (sales. government expenditures. net exports. investment spending. ( do not use any Ai )
Q)The sum of expenditure by consumers is $32B, investment by businesses is $40B, and government expenditure is $28B. Exports are $10B and imports are$15B. Determine what approach will you use to find GDP and calculate it.
In an economy, the total expenditure is $5500 and the revenue expenditure is $2000 Find the value of capital expenditure
The word "final" in the definition of GDP refers to counting the intermediate goods and services used to produce GDP. not counting intermediate goods or services. valuing production at market prices. the time period when production took place.
"Income received by households before payment of personal taxes" is known as Saving. Disposable income. Personal income. Net domestic product.
Describe the major income components of GDP.
GDP Deflator (NomGDP/Real GDP)*100 88.4 Assignment 3 Chapter 6. Determine if each of the following would be included or not included in USA GDP for 2020. All transactions occurred in 2020. Circle Yes or No 1. Rebecca real estate agent sells a house built in 2014 for $1,500,000. Yes No 2. $250,000 Bushels of wheat produced in 2020 were exported to Mexico. Yes No 3. Michael, a US citizen works over in Germany producing automobiles. Yes No 4. A Mickey Mantle Rookie card is sold on EBAY for $60,000. Yes No 5. John takes his family out for dinner at Shake Shack Dec 15,2020. Yes No 6. Quark company purchases $5,000,000 of new property, plant, and equipment. Yes No 7. The Government employees Higgs Inc. to repair the roads in Washington DC at a cost of $2,500,000. Yes No 8. Veronica secretly sells Marijuana out of her laundry mat and makes $750,000 revenue for 2020. Yes No 9. General Motors has $35,000,000 Work in Process inventory on Dec 31, 2020 Yes No
The table shows some of the items in a country's National Income and Product Accounts in 2017. Use the expenditure approach to calculate GDP in 2017. GDP in 2017 using the expenditure approach is $ trillion. Item Consumption expenditure Government expenditure Indirect taxes less subsidies Depreciation Net factor income from abroad Investment Net exports Statistical discrepancy Amount (trillions of dollars) 10.2 3.1 1.0 1.9 0.2 1.7 -0.5 0
Which is not considered to be a GDP investment? The building of an apartment complex Additions to inventories at steel plants Purchase of shares of company stock Construction of a new factory
New home construction is included in the consumption component of GDP. True False

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The single largest expenditure component in GDP is Group of answer choices net exports. government spending. consumption. investment.