Define gross domestic product. Determine which of the following would be included in the 2016 U.S. gross
Question:
Define gross domestic product. Determine which of the following would be included in the 2016 U.S. gross domestic product:
- Profits earned by Ford Motor Company in 2016 on automobile production in Ireland
- Automobile parts manufactured in the United States in 2016 but not used until 2017
- Social Security benefits paid by the U.S. government in 2016
- Ground beef purchased and used by McDonald’s U.S. operations in 2016
- Ground beef purchased and consumed by a private U.S. household in 2016
- Goods and services purchased in the United States in 2016 by a Canadian tourist
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Gross domestic product is the market value of all final goods and services produc...View the full answer
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Related Book For 
Economics A Contemporary Introduction
ISBN: 9781305505469
11th Edition
Authors: William A. McEachern
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