Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, please help me with this I continue to get it incorrect. Please respond to all questions. The three blank boxes at the top of

Hello, please help me with this I continue to get it incorrect. Please respond to all questions. The three blank boxes at the top of the picture and the Scenario at the bottom of the picture.

image text in transcribed
Choices are as follows: Blank#1: market value of, or cost of producing, or wholesale cost of. Blank#2: final goods and services consumed. 1 . Activities included (and not included) in the calculation ofGDP or final and intermediate goods and services produced, or final goods and services produced. The gross domestic product (GDP) of the United States is defined as the all Blank#3: within the United States, or by U.S.-owned companies, or by U.S. citizens. in a given period of time. Based on this definition, indicate which of the following transactions will be included in (that is, directly increase) the GDP of the United States in 2020. 2020 GDP Scenario Included Excluded Zippycar, a U.S. automobile company, produces a convertible at a manufacturing plant in Minneapolis on January 21, O O 2020. It sells the car at a dealership in Houston on February 10, 2020. Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 10, 2020. Calculo imports O O the calculator into the United States on May 20, 2020. Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2020. It sells the table to O O a college student on December 24. Graincorp, a U.S. agricultural company, produces corn syrup at a plant in Iowa on September 13, 2020. It sells the corn syrup to Crunchy's for use in the production of cereal that will be made in the United States in 2020. (Note: Focus O O exclusively on whether production of the corn syrup increases GDP directly, and ignore the effect of production of the cereal on GDP.) An accountant starts a client's 2020 tax return on April 14, 2021, finishing it just before midnight on April 15, 2021. O O

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Dr. Larry M. Walther

1st Edition

1456352970, 9781456352974

Students also viewed these Economics questions