GDP includes: A) neither intermediate nor final goods. C) intermediate, but not final, goods. B) both intermediate and final goods. D) final, but not intermediate, goods.
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A) neither intermediate nor final goods. C) intermediate, but not final, goods.
B) both intermediate and final goods.
D) final, but not intermediate, goods.
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- Which approach to calculating GDP focuses on summing the value added at each stage of production? a) Expenditure approach b) Income approach c) Output approach d) Value - added approachWhich of the following is not included in the computation of the consumption component of gross domestic product? a. Household spending b. Services like medical care and education c. Nondurable goods like milk and gasoline d. Durable goods like cars and stereosWhat does GDP stand for in economics?A) Gross Domestic ProfitB) Gross Domestic PriceC) Gross Domestic ProductD) Gross Domestic Percentage
- Which approach to calculating GDP focuses on adding up the market value of all final goods and services produced within an economy? a) Expenditure approach b) Income approach c) Production approach d) Value- added approachWhich 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 would NOT be counted as a final good for inclusion in GDP? A: a. sheet of glass produced this year and ending up in the inventory of a retail store b. sheet of glass purchased by a commercial builder of a new home c. home that is built this year but is not sold d. piece of glass bought by a consumer to fix a broken window
- Gross domestic product (GDP) is defined as the: A. value of all final goods and services produced in a country during a period of time B. value of all final goods produced by a country’s resources that are in foreign countries during a period of time. C. value of all final goods that can be produced in a country by utilizing all resources during a period of time. D. value of the income earned by the owners of resources in a country during a period of time E. value of all intermediate goods and services produced in a country during a period of timeWhy do we exclude intermediate goods from the calculation of GDP? A.) Intermediate goods do not add value B.) Intermediate goods are not market priced C.) Because intermediate goods are used by producers not consumers D.) To avoid double countingDetermine if the following would be counted in GDP and identify the category under which it would fall (C, I, G, NX, or not counted): The housecleaning services of the “Merry Maids” company. Select one: a.Government b.Consumption c.Investment d.Not counted e.Net Exports
- What components of GDP (consumption, investment, government spending, net exports), if any, would each of the following affect and how? Explain. b) A family buys a new television c) You treat your Saudi Arabian friend a nice dinner at hotel Serina. d) Bangladesh government allocates 500 crore taka for naval expenses. e) Your uncle lives in Canada and he sends $500 at every month. f) Transcom establishes a new factory at SAVARWhich of the following is included in Gross Domestic Product (GDP)? Select one: a. the buying and selling of securities b. government transfer payments c. private transfer payments d. the sale of used goods e. None of theseGDP is composed of a number of categories. What category makes up the largest portion of GDP? What category makes up the smallest portion of GDP? What is “Gross private domestic investment”? What does gross private domestic investment measure? What is “Net exports of goods and services”? Why should net export be negative?