quiz 3 macro 155
a farmer sells 25000 worth of apples to individuals who take them home to eat, 50000 worth of apples to a company that uses them all to produce cider, and 75000 worth of apples to a grocery story that will sell them to household. How much of the farmers sales will be included as apples in the GDP
100000 because you only include final goods
Al's aluminum company sells 1 million worth of aluminum to shiny foil company which uses the aluminum to make aluminum foil. Shiny foil company sells 4 million worth of aluminum foil to households. The transaction described contributes how much to the GDP
4 million
MArtin a US citizen travels to mexico and buys a newly manufactured motorcycle made there. His purchase is included in
Mexicans gdp but is not included in US gdp
most goods and services produced at home for direct consumption by the household
and most goods produced illegally are excluded from the GDP
which of the following is included in GDP
both the market value of rental housing services and the market value of owner occupied housing services
according to the circular flow diagram GDP
can be computed as either the revenue firms receive from the sales of goods and services or the payments they make to factors of production
the consumption component of GDP includes spending on
durable goods, nondurable goods, and services
if the price of a dress is three times the price of a pair of shoes, then a pair of shoes contributes
exactly one third as much to the GDP as the dress does
a transfer payment is a payment made by
government, but not in exchange for a currently produced good or service
sheri a us citizen works only in germany. the value she adds to production in germany is included in
in german gdp but is not included in us gdp (gdp does not look at citizenship)
which of the following transactions would be included in the GDP for 2015
in march 2015, amanda buys a ticket to visit the zoo. she visits the zoo in july 2015
after the terrorist attacks on september 11, 2001 governments within the united states raised expenditures to increase security at airports. These purchases of goods and services are
included in GDP since government expenditures on goods and services are included in GDP
susan switches from going to speedy lube for an oil change to changing the oil in her car herself. Which of the following is correct? the value of changing the oil is
included in the GDP is susan pays speedy lube to change it but not if she changes it herself
which of the following is included in the investment component of GDP
spending on new business equipment such as power tools but not spending on stocks and bonds
the pattersons bought a home that was newly constructed in 2007 for 275000 they sold the home in 2015 for 255000 which of the following statements is correct regarding the sale of the house
the 2015 sale affected neither the 2007 gdp nor the 2015 gdp
gdp is equal to
the market value of all final goods and services produced within a country in a given period of time, Y, and C+I+G+NX
estimates of the value of which of the following non market goods or services are included in GDP
the rental value of owner occupied homes but not unpaid house work
which of the following is included in government purchases
the services of a US government attorney valued at the cost of her salary (unemployment and social security are not included)
a manufacturer produces 1 million televisions in the first quarter of the year. it sells 900000 of them before the end of the first quarter and holds the others in the warehouse. how will the 100000 unsold televisions be treated in GDP statistics
the television will be counted as change in inventory in the first quarter and will be included in first quarter GDP
in a simple circular flow diagram, households buy goods and services with the income they get from
wages, rent, and profits
