ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The money that consumers save when using coupons
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The benefit society receives from a cleaner environment
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Online purchases of used products
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A computer produced in China by a U.S. owned company
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A plane produced in the U.S but sold in Mexico
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Detailed explanation-1: -The calculation of a country’s GDP encompasses all private and public consumption, government outlays, investments, additions to private inventories, paid-in construction costs, and the foreign balance of trade. (Exports are added to the value and imports are subtracted).
Detailed explanation-2: -Which of the following would be included in U.S. GNP but not in U.S. GDP? Chipsets produced by U.S-owned firms operating in China. Explanation: To count in U.S. GDP, something must be produced within the borders of the United States.
Detailed explanation-3: -The official measure of GDP does not include measurements of leisure time available, nonmarket production, production in the underground economy, the distribution of income, or production externalities (e.g., pollution).
Detailed explanation-4: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). GDP is usually calculated by the national statistical agency of the country following the international standard.