Homework Answers
These transaction costs are not included in GDP-
a.Non-marketable goods and services: tasks that do not involve market transactions, such as baby sitting, house cleaning, lawn mowing etc. Some very useful output is excluded because it is unpaid employment.
b. Underground activities: illegal or cash transactions have no record. Government’s estimates on these transactions are not accurate.
c. Sales of used items: GDP measures only current output. Used car and thrift stores’ transactions are not counted.
d. Financial transactions: trading existing assets, such as stock or bond purchases.
e. Transfer payments: either government or private transfer payments are not included because goods and services are not produced in this process. Examples are social security benefits or kid’s allowances.
f. Leisure: individuals consume leisure, just as they consume all the other tangible goods, which generate satisfactions. But leisure has no price tag, so it is not included in GDP.
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20. What types of transactions are not included in GDP? Why? (5 pts) Nonproduction transactions must...
19. What is an intermediate good? Why is it excluded from GDP? Give a unique (not...
19. What is an intermediate good? Why is it excluded from GDP? Give a unique (not from the book or notes) example of an intermediate good and its corresponding final good that would be counted in GDP. (5 pts) Intermediate goods are products that are purchased for resale or further processing or manufacturing. Stone is an intermediate good and roads are the final goods.
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ECON 250 30. Which of the following is NOT included in U.S. GDP? the estimated rental...
ECON 250 30. Which of the following is NOT included in U.S. GDP? the estimated rental value of owner-occupied housing in the U.S.A. b.US. home grown garden for family consumption c. production of foreign citizens living in the United States d services such as those provided by American lawyers and America hair stylists working in the USA 31. One bag of flour is sold for $2.50 to a bakery, which uses the flour to bake bread. Five loafs of bread...
Questions # 7,8,9, 10 and 11 Value Added 100 $250 $ 500 5 1.850 the difference...
Questions # 7,8,9, 10 and 11
Value Added 100 $250 $ 500 5 1.850 the difference between GDP and each of the What Wat is the GDP for this economy 8. What is the GNP for this economy? 9. What is the NNP for this economy? 10. What is the national income for this economy? 11. What is the gross investment in this economy? 12. Indirect business taxes and capital consumption allowance are not income, yet they are included in...
3. Which of the following transactions will be included in the U.S. GDP? If the transaction is included, identify i...
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1. 2. 3. 4. a. When referring to GDP, which of the following is included in...
1. 2. 3. 4.
a. When referring to GDP, which of the following is included in GDP? Money spent on services by households (haircuts, meals at restaurants, lawyer, etc.) New cars that are purchased this year, but produced last year. Social Security payments. Goods that were produced by U.S. citizens abroad. b. Which of the following transactions is not included in GDP? Sean purchases coffee produced in Guatemala. Thomas pays to have his taxes done by a national accounting company...
Which of the following best describes the relationship between a stock concept and a flow concept?...
Which of the following best describes the relationship between a
stock concept and a flow concept?
A stock concept has a time period
associated with it, whereas a flow concept is an amount of
something at a given point in time.
A stock concept is an amount of something at a given point in
time, whereas a flow concept has a time period associated with
it.
______________________________________________________________________________
What expenditure category of production is largest for most
countries?
Investment
Consumption
Net...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor...
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Problem 6. (20 pts) By definition, a poker hand is a set of 5 cards from...
Problem 6. (20 pts) By definition, a poker hand is a set of 5 cards from a standard French deck of 52 cards1. Solve the following two problems (a) A poker hand is said to be a four of a kind if it has four cards with the same value. For instance, four sevens, four Queens or four Aces. Compute the prob- ability of drawing a four of a kind hand. (b) A poker hand is said to be a...
19. What is an intermediate good? Why is it excluded from GDP? Give a unique (not from the book or notes) example of an intermediate good and its corresponding final good that would be counted in GDP. (5 pts) Intermediate goods are products that are purchased for resale or further processing or manufacturing. Stone is an intermediate good and roads are the final goods.
2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the all in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. 2020 GDP Included Excluded Scenario Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2020. It sells...
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Questions # 7,8,9, 10 and 11
Value Added 100 $250 $ 500 5 1.850 the difference between GDP and each of the What Wat is the GDP for this economy 8. What is the GNP for this economy? 9. What is the NNP for this economy? 10. What is the national income for this economy? 11. What is the gross investment in this economy? 12. Indirect business taxes and capital consumption allowance are not income, yet they are included in...
3. Which of the following transactions will be included in the U.S. GDP? If the transaction is included, identify into which category it fits. If the transaction is NOT included, tell why not. Fill in the blanks: yes or no? a. Nissan builds a new automobile plant in the U.S b. Delta Airlines sells one of its existing jets to Southwest. c. Ms. Moneybags buys existing shares of GM stock d. A California winery produces a case of Merlot and...
1. 2. 3. 4.
a. When referring to GDP, which of the following is included in GDP? Money spent on services by households (haircuts, meals at restaurants, lawyer, etc.) New cars that are purchased this year, but produced last year. Social Security payments. Goods that were produced by U.S. citizens abroad. b. Which of the following transactions is not included in GDP? Sean purchases coffee produced in Guatemala. Thomas pays to have his taxes done by a national accounting company...
Which of the following best describes the relationship between a
stock concept and a flow concept?
A stock concept has a time period
associated with it, whereas a flow concept is an amount of
something at a given point in time.
A stock concept is an amount of something at a given point in
time, whereas a flow concept has a time period associated with
it.
______________________________________________________________________________
What expenditure category of production is largest for most
countries?
Investment
Consumption
Net...
Question 70 2.5 pts In the unemployment rate, part-time workers are: not included in the labor force. included in the labor force, but counted as unemployed. treated the same way as discouraged workers. included in the labor force and counted as employed. Question 69 2.5 pts Which of the following would be officially classified as unemployed? O a school administrator who has been working as a substitute teacher one day per week while looking for a full-time job in administration...
Problem 6. (20 pts) By definition, a poker hand is a set of 5 cards from a standard French deck of 52 cards1. Solve the following two problems (a) A poker hand is said to be a four of a kind if it has four cards with the same value. For instance, four sevens, four Queens or four Aces. Compute the prob- ability of drawing a four of a kind hand. (b) A poker hand is said to be a...
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