Please help me with these questions! not including 13.

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15. Please explain the two sides of the GDP, also please explain what is not included and why? ( In a couple pargraphs)

6 Safari File Edit View History Bookmarks Window Help 0 2? 1)) 42%l' Sun3i37PM Q 6 EE 0 . O E V '9', U H prod,readerui.prod,mheducationcom r11 33: a Content :7 Class Professor Marotti Economics in Connect m Discussion Questions + Ill p Aa e 12. Which of the following are included in this year's GDP? Which are excluded? Explain your answers. L027.6 ' ) Interest received on an AT&T corporate bond. 9'.\" Social Security payments received by a retired factory worker. Unpaid services of a family member who painted the family home. 5\"? Income of a dentist from the dental services she provided. A monthly allowance that a college student receives from home. Money received by Josh when he resells his nearly brand-new Honda automobile to Kim. The publication and sale of a new college textbook. P'Frwrb An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay. i. A $2 billion increase in business inventories. j. The purchase of 100 shares of Alphabet (the parent company of Google) stock. 13. Why is gross output a better measure of overall economic activity than GDP is? How could you construct a new statistic that m focuses only on nonnal economic activity? Given what you know about the behavior of GO and GDP during the Great Recession, would you expect your new statistic to show more or less volatility than GO and GDP? Why? How would you rank the three in terms of volatility? L027.6 14. LAST WORD How do \"free\" products make the calculation of GDP more difcult? What are hedonic adjustments and why are they necessary? Will ination tend to be overstated or understated if quality improvements are not accounted for? Explain. n79REl$Gw illomslalnea an '8 Safari File Edit View History Bookmarks Window Help () 16% [4]. Sun 7:57 PM . . . prod.reader-ui.prod.mheducation.com C Content Course Hero Class Professor Marotti Economics in Connect M Assessing the Economy's Performance + Aa () ) Gross Domestic Product The primary measure of an economy's performance is its aggregate output, or total output, of goods and services. There are several ways to measure aggregate output. The one favored by the Bureau of Economic Analysis is gross domestic product (GDP), or the dollar value of all final goods and services produced within a country's borders during a specific period of time, typically a year or a quarter. Page 514 Final Products Only Note that GDP only counts the value of final goods and services, that is, products that are purchased by their end (final) users. GDP excludes intermediate goods and services that are purchased for resale or as inputs used to produce other products. Thus, a loaf of bread that is purchased by a family for a camping trip is counted in GDP (because the family is the end user) while an identical loaf that is purchased by a sandwich shop is not counted in GDP (because the sandwich shop will be using the loaf of bread as an input to the production of its final product, sandwiches). Domestic Output Only GDP includes only the value of final goods and services produced within a nation's boundaries. Thus, the value of the cars produced at a Japanese-owned Toyota factory in Ohio would count as part of U.S. GDP (because the factory is located in the United States) but the value of the trucks produced at an American-owned Ford factory in Canada would not (because the factory lies outside the borders of the United States). What matters for GDP is where the final output is produced, not who makes it or who consumes it. 9 ? A "tv 8