Question

In: Economics

11. Which one of the following transactions would be included in GDP? a. Adam pays $50...

11. Which one of the following transactions would be included in GDP?

a. Adam pays $50 for a used blender at a neighborhood garage sale.

b. Elisa donates $500 to the Southwestern College scholarship fund.

c. Emma pays $500 to fix a damaged tail light on her car.

d. Mark pays $5,000 to purchase 100 shares of McDonald’s stock.

12. An RV firm purchases $425,000 worth of raw materials and buys $275,000 of used materials and stock

dividends of $150,000, and the end product, which is the RV, costs $575,000. The firm has, using the value

added approach, added ________ to GDP

a. $400,000.

b. $575,000.

c. $275,000.

d. $1,000,000.

13. Which of the following would increase the GDP of the United States?

a. A resident of California buys a case of wine from a winery in Argentina.

b. A resident of Germany buys a software program from a company in California.

c. A resident of Florida spends $3,000 on a vacation in Cancun.

d. A Japanese investor purchases 100 shares of a computer company located in

Iowa.

Expert Solution

11. c) Others are not included in GDP as used goods, donations, exchanges in stocks are not part of GDP.

12. b) The firm has added $575,000 to GDP.

13. b) The given transaction increases the export of USA so it will increase the GDP also whereas the others increase imports or are transactions not included in GDP.

Rahul Sunny answered 2 years ago

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