Please help ()()()()))()()) What is the definition of Gross Domestic Product (GDP)?Select one:O a. The market value of all business profits earned in an economy in a yearOb. The market value of all consumer spending in an economy in a yearOc. The market value of all final goods and services produced in an economy in a yearOd. The market value of all government spending and tax revenues in an economy in a year

Gross Domestic Product (GDP) is a measure used to estimate the total value of all goods and services…

Answered: What is the definition of Gross…

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7QR

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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?
Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
What are the main components of measuring GDP with what is produced?
What are the two main difficulties that arise in comparing different comparing GDP?
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?
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
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.
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
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Question 10 1 pts Nominal GDP is calculated using O prices set in the base year O average prices of all products O current prices O is usually lower than base year prices
If you were to make an analogy between the national accounts and the income statement of a corporation, GDP of a country, as the total market value of goods and services, would most closely compare to the of a corporation. O income O taxes O expenses O revenues .........
Which of the following items is not a component of the income approach of measuring the U.S. GDP? O interest earned on savings deposits in the U.S. O profits made by foreign businesses in the U.S. O investment spending of American businesses in the U.S. O income earned by American businesses that export goods.

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