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Which of the following is NOT included in U
Which of the following is NOT included in U.S. GDP? Multiple Choice toys produced by a U.S. firm located in China beer brewed in Colorado and purchased by a German tourist a car made by a Japanese auto producer in Kansas corn grown in lowa and exported to Africa
Which of the following statements is true? Multiple Choice Nominal GDP is a good measure of social welfare. O GDP per capita is a complete measure of social welfare. Crime and pollution reduce social welfare which reduces GDP. ? GDP is not necessarily the best measure of social welfare.
Suppose during a year an economy produces $10 trillion of consumer goods, $4 trillion of investment goods, $6 trillion in government services, and has $4 trillion of exports and $5 trillion of imports. GDP would be Multiple Choice O $19 trillion. O $21 trillion. O $24 trillion. O $29 trillion.
Expert Solution
Answer 1 a) Toys produced by US firm located in China
GDP includes the goods and services produced within the domestic territory of the country within a financial year .
The goods are produced outside the domestic territory of USA in China , it is not a part of the GDP .
Answer 2
d) GDP is not necessarily the best measure of social welfare.
GDP is a flawed measure of social welfare but a good measure of economic welfare . GDP per Capita is a better measure than GDP but not the complete measure . Crime and pollution are not included in GDP .
Answer 3
a) 19 trillion $
GDP under expenditure method
= Consumption + Government exp. + Exports - Imports + Investment
= 10 trillion + 6 trillion + 4 trillion - 5 trillion + 4 trillion
= 19 trillion $
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