Gross domestic product is the sum of a. b. c. 1. the purchase price of all goods
ID: 1125208 • Letter: G
Question
Gross domestic product is the sum of a. b. c. 1. the purchase price of all goods and services exchanged during the period. the purchase price of all final goods and services produced domestically during the period. the purchase price of all goods and services produced during the period minus depreciation of productive assets during the period the purchase price of all final goods and services produced by a country's citizens during the period. d. 2. Which of the following transactions would be counted toward this years GDP? a. General Motors purchases 10,000,000 tires from Firestone. b. A three-hundred-year-old painting is sold for $12 million. c. A street gang earns $2 million from selling illegal drugs. d. Your real estate agent earns $5,000 commission when you sell your hundred-year-old house for $100,000. 1-3. If a used-car dealer purchases a used car for S 1,000, restores it, and resells it for $1,500, the dealer a. value added equal to $500, but nothing is added to GDP. b. value added equal to $500, and consequently $500 is added to GDP. c. nothing to production because only existing goods are involved. d. value added equal to $1,500, but only $500 is added to GDP Assume that between 1990 and 2000 the money GDP of an economy increased from $3 trillion to $8 trillion and that the appropriate index of prices increased from 100 to 200. Which of the following expresses GDP for 1990 in terms of 2000 prices? a. $1 trillion b. $3 trillion c. $4 trillion d. $6 trillion 4. Table 1 Use the following data to answer the following questions. Population Number employed Number unemployed 200 million 120 million 30 million Refer to Table 1. What is the unemployment rate of the economy? a. 15 percent b. 20 percent c. 60 percent d. 75 percent 5.Explanation / Answer
1) The answer is B -) The purchase price of all final goods and services produced domestically during a period.
because Gross domestic product only add the final goods and services which produced during a period. a intermediate good does not count in GDP because it is already country one in GDP and hence it will encounter the problem of double accounting. therefore GDP is purchase price of all goods and services produces domestically during a period.
2)please upload it again. its against chegg policy
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