Which statement is INCORRECT? Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. To calculate the US GDP, statisticians add up the market value of our output. All the statements are correct. 000

Which statement is INCORRECT? Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. To calculate the US GDP, statisticians add up the market value of our output. All the statements are correct. 000

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section15.2: The Measurement Of Gdp

Problem 2QQ

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Van and Amy Cho live in Conshohocken, PA. Amy's father, Carlos, lives in Sweden. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Amy's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Amy gets a new refrigerator made in the United States. The Pennsylvania Department of Transportation, a state administration, fixes potholes along PA highway 23, which feeds into the center of Conshohocken. Van's employer upgrades all of its computer systems using U.S.-made parts. Van buys a sweater made in Guatemala. C I 0 G 0 0 X | M
Consider the table of GDP and population for several imaginary countries. GDP in millions of U.S. dollars 533.0 2275 Country Wrigleyville Longhornland Dinkytown $ 18.8 Using this information, please answer the questions. If there is not enough information to answer a question, please enter –11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. Population in millions GDP per capita in U.S. dollars 113.0 121 173.00 276800 1.600 B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place. Incorrect
Consider the table of GDP and population for several imaginary countries. Countrv Wrigleyville Longhornland Dinkvtown GDP in millions of U.S. dollars Population in millions GDP per capita in U.S. dollars 183.0 115 175.00 559.0 2965 1.700 Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11 A. What is the GDP per capita of Longhornland in Ủ.S. dollars? Express your answer rounded to one decimal place. B. What is the GDP of Dinkytown in millions of Ủ.Š. dollars? Express your answer rounded to one decimal place.
Use the bar graph from the World View: "Comparative Output (GDP)" to answer one question. 18.0 2015 Gross Domestic Product GDP) in tlons of US. dolars) 110 0.00 01 06 Ha Eeiopie Meice Russie Soun Kores Araba Ortain Gemany Japen China United States If 150 million workers produced America's GDP in 2015, using the bar graph, how much output did the average worker produce? Instructions: Enter your response as a whole number. $
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
estion 2 Which statement is INCORRECT? To calculate the US GDP, statisticians add up the market value of our output. To calculate the US GDP, statisticians add up the value of all the intermediary and final output. Statisticians use the prices of goods and services like a ruler to measure the size and growth of US output. To calculate the US GDP, statisticians add up the output produced within the country, regardless of whether the people and businesses which produce that output are nationals of other countries. All the statements are correct. A Moving to the next question prevents changes to this answer. Q 7 $ 4 R % 5 19 T tv 6 MacBook Pro Y & 7 U * 00 8 4+ I Nc ( fr O O P Question 2 of 14 > W 13 = RA #1
According to the figure showing 2020 GDP for selected countries, how much larger (in percentage terms) is America's GDP than: 21.43 14.34 5.08 United China Japan States b. Russia? % larger Copyright © McGraw Hill LLC. Permission required for reproduction or display. GROSS DOMESTIC PRODUCT (in U.S. $ trillion) % larger 3.86 2.87 2.83 1.70 1.27 Germany India Great Britain Russia Mexico Source: Gross Domestic Product 2020. The World Bank Group, March 2021 0.53 Sweden Instructions: Round your responses to the nearest whole number. a. Germany? 0.21 Greece 0.01 Haiti
A US company produces $20000 worth of shirts in 2019. However, only $15000 worth of the shirts are sold to consumers in 20019 and the rest are still lying at the producer’s warehouse. Group of answer choices 1. The entire $20000 worth of shirts should be added to Consumption when calculating 2019 GDP 2. The $5000 worth of unsold shirts should be added to Exports when calculating 2019 GDP 3. The entire $20000 worth of shirts should be added to Investment when calculating 2019 GDP 4. The $5000 worth of unsold shirts should be added to Investment when calculating 2019 GDP
I. Nominal GDP and Nominal GDP per capita can best measure the quality of living and standard of living II. Real GDP and Real GDP per capita can best measure quality of living and standard of living III. To compare the standard of living across countries and across time, some correction is needed to account for exchange rates and price changes/differences IV. While useful, GDP is a limited metric in the measurement of the quality of living and the standard of living O All Statements are true Only Statements III and IV are true Only Statements II and III are true Only Statements I and III are true All Statements are false
How is Gross Domestic Product (GDP) measured: A. by counting the nation's expenditures on all final goods and services produced during the year at market price. B. by counting all of what is made by American companies all over the world C. by counting the nation's expenditures on all goods and services used in the production of other goods and services during ;the year at market price D. by counting only what is made by American companies in our nation's borders
Considering the strengths and weaknesses of GDP as a measure of a nations "well-being," how do you think we should change the way we measure GDP, if we want it to be a better measure of our "well-being?" In other words, nations around the world use GDP as a measure of how well they are doing, and they use changes in GDP as a way to gauge if they are doing better or worse than they were the last time they measured GDP. What specific changes do you think a nation should adopt so that GDP is a better measure of how well-off that nation is? It is not sufficient to write about the problems with the the way GDP is measured; provide your ideas on how - considering those problems - we can make GDP a better measure of how well-off we are. Keep in mind if something is to be included in the GDP, it must be able to be put in monetary units (US dollars, in the case of the US). So if you suggest something should be included, you need to explain how it would be measured (or estimated) in…
bo Consider the table of GDP and population for several imaginary countries. O Macmillan Learning A Country Wrigleyville Longhornland Dinkytown GDP in millions of U.S. dollars Population in millions 559.0 265.0 2909 101 293.00 1.600 Using this information, please answer the questions. If there is not enough information to answer a question, please enter -11. A. What is the GDP per capita of Longhornland in U.S. dollars? Express your answer rounded to one decimal place. $ GDP per capita in U.S. dollars B. What is the GDP of Dinkytown in millions of U.S. dollars? Express your answer rounded to one decimal place.