Which of the following is included in both of U.S. GDP and GNP? 24. A) The value

Question

Which of the following is included in both of U.S. GDP and GNP? 24. A) The value of all cars produced by Ford in Mexico. B) The value of all cars produced by General Motors in the U.S. C) The value of all cars produced by Toyota in the U.S. D) The value of cars produced by Nissan in Japan and the U.S. Items Consumption expenditure Wages Amount (billions of dollars) 885 815 350 400 300 35 Interest Investment Net exports 25. 5.The table shows some of the items in Canada's National Income and Product Account in 2009. Canada's GDP in 2008 using the expenditure approach is A) 1.450 B) 1,460 C) 1,870 D) 2,385 E) 1,570 26.If a firm does not sell all of the goods that it produces in a given time period, then the goods A) do not count in GDP ever B) do not count in GDP for that time period but always count next period. C) count positively in GDP as inventory investment. D) count negatively in GDP as inventory investment. E) count in GDP the period they are sold to the final user. 27 Which of the following is not included in GDP? A) carrots grown in your garden and eaten by your family B) carrots purchased at a farmer's market and eaten by your family C) carrots purchased at a grocery store and eaten by your family D) More than one of the above is not included in GDP heo 0 8000aots Price $1 Item I 50.50 160 220 Salad 80 Nominal GDP in 2011 is S 28. A) 400 B) 500 C) 600 D) 135 E) 145

Explanation / Answer

24) Option B because GDP uses the final goods produced within the nation and GNP uses the factor incomes earned abroad.

25) Option E because GDP = C + I + G + NX = 885 + 300 + 350 + 35 = 1570.

26) Option C as this is a part of change in inventory investment

27) Option A because it has no market

28) Option C. Nominal GDP 2011 = 160*1 + 220*2 = $600.

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