Manuel and Rosa juarez live in Swartrmore, their son Enrique. is an artist livin

Question

Manuel and Rosa juarez live in Swartrmore, their son Enrique. is an artist living in New York city. For each of the following transactions that occurs in their lives identity whether it is included in the calculation of U. S. GDP as part of cornsumption (C), investment (t), goverment purchases (G), exports (X), or imports (M). If the transaction needs to be accounted for in more than one category, check each applicable box The following table shows data on comsumption investment, exports, imports, and goverments expenditures for the united states in 2005 as published by the bureau of economic analysis. All figures are in billions of dollars. Fill in the missing cell in the table to calculate GDP using the expenditure approach. While GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or expenditure methods of calculating GDP for the United State? Check all that apply. The import and sale of illegal drugs from South America The quality of goods available to consumers federal highway payments The toss of enjoyment people insure when scenic land is converted to commercial use The Brazilian wood that is used for flooring in a new American house

Explanation / Answer

I M G X C 1,309.4 -2,023.9= (714.5) 8707.8 +2077.2 +2363.4 -714.5= 12,433.9 Illegal drugs, quality of goods, loss of enjoyment.

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