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| Data | |
|---|---|
| (Billions of dollars) | |
| Consumption (C) | 13,948.5 |
| Investment (I) | 3,650.1 |
| Exports (X) | 2,531.3 |
| Imports (M) | 3,156.7 |
| Net Exports of Goods and Services | |
| Government Purchases (G) | 3,520.8 |
| Gross Domestic Product (GDP) |
The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2018, as published by the Bureau of Economic Analysis. All figures are in billions of dollars.Fill in the missing cells in the table to calculate GDP using the expenditu...
Read MoreTransaction | C | I | G | X | M |
|---|---|---|---|---|---|
| Sean's employer upgrades all of its computer systems using U.S.-made parts. | |||||
| Yvette gets a new video camera made in the United States. | |||||
| Yvette buys a new BMW, which was assembled in Germany. | |||||
| Yvette's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. | |||||
| The Federal Aviation Administration expands the runways at Philadelphia International Airport, which is just a few miles from Sean and Yvette's house. |
3. Categories of expendituresSean and Yvette Nag live in Conshohocken, PA. Yvette's father, Bob, lives in Sweden.For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government pur...
Read MoreScenario | 2022 GDP | |
|---|---|---|
Included | Excluded | |
| Lane Motors, a Japanese automobile company, produces a self-driving car at a plant in Arizona on December 15, 2022. A family buys the self-driving car on December 31. | ||
| The Wilson family buys an antique serving platter at an auction in upstate New York on March 2, 2022. | ||
| Larry’s Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 17, 2022. It sells the latte to a customer immediately. | ||
| Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 12, 2022. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2022. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two-door coupe on GDP.) | ||
| Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 2, 2022. Gamewear imports the VR headset into the United States on May 10, 2022. | ||
The gross domestic product (GDP) of the United States is defined as themarket value of allfinal goods and services produced within the United States in a given period of time.Points:1 / 1Based on this definition, indicate which of the following transactions will b...
Read MoreScenario | 2021 GDP | |
|---|---|---|
Included | Excluded | |
| An accountant starts a client's 2021 tax return on April 14, 2022, finishing it just before midnight on April 15, 2022. | ||
| Thickburger, a U.S. fast-food company, produces a double cheeseburger at one of its many locations throughout the midwest on January 14, 2021. It sells the double cheeseburger to a customer that same day. | ||
| Sleepytown, a Finnish furniture company, produces a bed frame at a plant in Virginia on December 9, 2021. It sells the bed frame to a college student on December 24. | ||
| Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 25, 2021. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2021. (Note: Focus exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) | ||
| Parkway Motors, a U.S. automobile company, produces a convertible at a plant in Mexico on March 27, 2021. Parkway Motors imports the convertible into the United States on May 18, 2021. | ||
The gross domestic product (GDP) of the United States is defined as themarket value of allfinal goods and services produced within the United States in a given period of time.Points:0.67 / 1Based on this definition, indicate which of the following transactions wil...
Read More
Event | Market for Factors of Production | Market for Goods and Services |
|---|---|---|
| Gilberto spends $325 to purchase satellite tv from Stephon’s Satellite Service. | ||
| Gilberto earns $525 per week working for Breanna’s Brewing Company. | ||
| Juanita earns $725 per week working for Stephon’s Satellite Service. |
Part APart BSuppose Juanita earns $725 per week working as an installation technician for Stephon’s Satellite Service. She uses $8 to have a pint at Breanna’s Brewing Company. Breanna’s Brewing Company pays Gilberto $525 per week to serve as head brewer. Gilberto uses $325 to purchase satellite tv f...
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