Identify which of the following would be included in GDP as calculated by the final goods and services measure: 1.) You buy a water bottle that was produced domestically. 2.) You pay a house keeping service to clean your apartment. 3.) You clean your apartment. 4.) You buy "study pills" off of a shady person. 5.) You buy prescribed medication for ADHD at CVS, (Produced in the US) 6.) You are paid under the table for work you did for your uncle.
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- Which of the following are included in GDP calculations? a. Cleaning services performed by Molly Maid Corporation b. Lawn-mowing services performed by a neighborhood child c. Drugs sold illegally on a local street comer d. Prescription drugs manufactured in the United States and sold at a local pharmacy e. A rug woven by hand in Turkey f. Air pollution that diminishes the quality of the air you breathe g. Toxic-waste cleanup performed by a local company h. Car parts manufactured in the United States for a car assembled in Mexico i. A purchase of 1,000 shares of IBM stock j. Monthly Social Security payments received by a retireeWhich of the following are included in GDP and which are not? If an item is included, state which GDP category it falls under (consumption, investment, government, trade balance) a) the cost of having your appendix removed b) buying a new car from a dealership c) buying a used car from your neighbor d) the lettuce sold to the sub shop that will go on your sandwich e) babysitting services at a licensed daycare provider f) babysitting services provided by your cousin g) a 2-year increase in life expectancyWhich of the following is included into the income measure of the US GDP? salary of Maria, a citizen of Mexico, working legally at a dental office in Queens salary of Jane, a US citizen accountant working in Korea profits of Randy the Illegal Drug-Dealer amount of a cash gift an ESC student receives from parents the value of a new garage Sam the School Teacher built himself in his back yard
- What components of GDP (if any) would each of the following transactions affect? Explain. Uncle Tom buys a new refrigerator from a domestic manufacturer. Sidd buys a new house from a local builder. The Aladin family buys an old Victorian house from the Disney family. You pay a hairdresser for a haircut. Ford sells a Mustang from its inventory to the Cernogratz family. Ford manufactures a Focus and sells it to Avis, the car rental company. California hires workers to repave Highway 101. The federal government sends your grandfather a Social Security check. Honda expands its factory in Larkana.Which of the following transactions would be included in the official calculation of GDP under the expenditure method? You make cookies to give as a gift to your parents. You buy a new iPod for listening to music. You illegally download music off the Internet to put on your new iPod. O Bridgestone sells $2 million worth of tyres to General Motors Holden. A student buys a used textbook at the bookstore.Which of the following acts are included in official gross domestic product (GDP) calculations? Dan is a volunteer coach for his daughter’s soccer team. Sue is a mother of two who has decided to withdraw from the labor force to care for the children until they are teenagers. Linda sees that her gutters are clogged with leaves and spends her Saturday cleaning out the gutters. Kathy is paid to be the assistant soccer at the local high school. Eric spends his Tuesday afternoons volunteering to read books to the children at the public library. Explain the answer with explanations
- Which of the following is included in GDP? Group of answer choices the value of lawn care service provided by a sixteen-year-old as part of his weekly chores. the fees charged for a stock broker's services. cash income received by a self-employed landscaper that is not reported to the IRS. revenue from the sale of a three-year old car.Identify whether the following items are officially included in United States GDP or GNP. The wage of a Mexican citizen who works in a farm in Texas in United States. The profit earned by a Brazilian Citizen who works in New York stock exchange in NewYork. The income earned by an American professor delivering a series of lectures in London. The value of Espresso coffee Star Bucks produces in France.1) How do the following events influence Turkish GDP? Mothers living in Turkey take care of their pre-school child in their own home. You buy a new car from a dealer for 80,000 TL. You sell your father’s used car to a dealer for 70,000 TL. You sell your old car to a dealer for 60,000 TL. The dealer repaints it and sells it to a customer for 80,000 TL A Japanese company builds a factory in Düzce. (If this affects GDP, is it the Japanese or the Turkish GDP?) A German company buys stock in a Turkish company. An earthquake destroys many structures in Gebze industrial zone. The structures are not rebuilt this year. An earthquake destroys much of Gölcük and within a short time the town is rebuilt as it was before.
- Indicate what components of GDP (if any) each of the following transactions would affect. Check all that apply. Transaction Honda expands its factory in Ohio. You purchase a box of Belgian chocolate. You pay a hairdresser for a haircut. Uncle John receives a check from the federal government for unemployment insurance benefits. Your parents buy a new house from a local builder. Ford sells a Mustang from its inventory to the Martinez family. Uncle Henry buys a new refrigerator from a domestic manufacturer. New York hires workers to plow snow after a snowstorm. Consumption Investment D 0 0 D D 00 0 O 0 0 m O 0 e Government Purchases O W O 0000 Net Exports DOO 0 00000Survey of Economics: GDP Accounting Worksheet Place the transactions below in their appropriate categories in the GDP and calculate the overall effect on the GDP of the United States. My cost for auto repairs and inspection. ($1,000) The Moon township buys rock salt to maintain the municipality’s roads in the month of February ($2,000) An RMU student goes to study in Ireland for a total cost of ($5,000) A U.S. citizen buys a refrigerator from General Electric (A US company). ($1800) A US retailer buys a new cash register ($1500) The cost of auto parts used to repair my car ($300) My total gasoline bill for a year ($1,500) A Chinese citizen buys a U.S. government bond ($5,000) A Landscaping firm’s gasoline costs for a year ($2,500): A School district buys new uniforms for its basketball team ($1100) I invest in a fidelity mutual fund ($2,000) My total food cost for a year ($8,000) An American bank loans a German citizen ($5,000) An American buys a sewing machine to produce clothing…Which of the following transactions or activities would be counted in your country’s GDP? Explain your answers. A transportation company acquires a fleet of second-hand vehicles. The same transportation company acquires 1.000 gallons of gas from a foreign company deducted from the net export component of GDP. You buy 10 short-term government bonds. A mining company acquires new government licenses to drill in land the company already owns. You pay for a new haircut at your local hairdresser. Foreign residents buy a bundle of your country’s food specialties on an online retail site. Your parents spend a whole day cooking meals to be handed out to their poorer neighbors. The local government acquires furniture for newly built schools. Two telecommunications companies merge. A non-profit organization buys an apartment to lodge their headquarters.