Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393614077
Author: coppock, Lee; Mateer, Dirk
Publisher: W. W. Norton & Company
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Question
Chapter 19, Problem 5QFR
To determine
To explain:
If larger
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Students have asked these similar questions
How could we increase GDP?
As an economist with the World Bank you have been asked to measure the Gross Domestic Product for the US for 2019. You are told that the private consumption, gross domestic investment, government purchases and exports all add up to $ 24 trillion. You later learn that imports to the US in 2019 were $4 trillion. To get GDP, you should
A.
Ignore the $ 4 trillion because exports have already been included in the $ 24 trillion
B.
Add $ 4 trillion to $24 trillion because imports are used as inputs in the production of other goods in the US
C.
None of the above
D.
Subtract $4 trillion from $24 trillion because imports are not part of US domestic output
Can you give two examples of goods or services that are in GDP and two examples of goods or services that are excluded in GDP.
Chapter 19 Solutions
Principles of Economics (Second Edition)
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- What are the two main difficulties that arise in comparing different countries's GDP?arrow_forwardWhy is it desirable for a country to have a large GDP?Give an example of something that would raise GDPand yet be undesirable.arrow_forwardWhat components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion?arrow_forward
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