Essay
For the following transactions, explain why each should or should not be included in the calculation of a U.S GDP for the year 2017.
a. a car that is manufactured in Detroit in 2017 but is exported to Canada
b. the income in 2017 of an Indian professor who teaches at a university in Texas
c. a student who purchases a used car in 2017
d. a car manufacturer that buys aluminum from a firm to use it to manufacture cars
e. the amount that the federal government spends in 2017 to aid the recovery efforts after a hurricane in Florida
Correct Answer:
Verified
a. The car that is manufactured in Detro...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q51: Suppose that the cost of a representative
Q52: A worker had a nominal income of
Q53: Suppose that a can of soda cost
Q54: The costs associated with constantly revising the
Q55: Which of the following statements is NOT
Q57: If a country has a GDP of
Q58: Carlos is a fresh college graduate who
Q59: An economy has 1,050 employed, 150 unemployed,
Q60: If the net exports of a country
Q61: If a country has a GDP of