Q1 sub part A,b,c answer Real GDP isO national income plus exportsO national income minus exportsO GDP divided by the countryâ s populationO Nominal GDP adjusted for inflation or deflationIn measuring GDP, construction structures are countedO go unaccounted forO are counted in the year the construction permit is grantedO are counted the year they were completedOare counted twiceA coal company sells coal to a steel company for $1000. The steel company uses coal to produce steel, whichÂ sells for $2000. Takentogether, these two transactions contribute$1000 to GDP.O $2000 to GDP.O between $2000 and $3000 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle.O $3000 to GDP.

Gross domestic product is the summation of a country's final goods and services. The increase in GDP…

Real GDP is O national income plus exports O national income minus exports O GDP divided by the countryâ s population O Nominal GDP adjusted for inflation or deflation In measuring GDP, construction structures are counted O go unaccounted for O are counted in the year the construction permit is granted O are counted the year they were completed are counted twice A coal company sells coal to a steel company for $1000. The steel company uses coal to produce steel, whichÂ sells for $2000. Taken together, these two transactions contribute O $1000 to GDP. O $2000 to GDP. between $2000 and $3000 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. O $3000 to GDP.

Real GDP is O national income plus exports O national income minus exports O GDP divided by the countryâ s population O Nominal GDP adjusted for inflation or deflation In measuring GDP, construction structures are counted O go unaccounted for O are counted in the year the construction permit is granted O are counted the year they were completed are counted twice A coal company sells coal to a steel company for $1000. The steel company uses coal to produce steel, whichÂ sells for $2000. Taken together, these two transactions contribute O $1000 to GDP. O $2000 to GDP. between $2000 and $3000 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. O $3000 to GDP.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.1P

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