Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the following questions Answer the following questions using the scenarios when applicable. When finished upload the assignment to blackboard. Please let me know if you

the following questions Answer the following questions using the scenarios when applicable. When finished upload the assignment to blackboard. Please let me know if you have any questions while working on the assignment. Consider the following transactions in the United States. For each transaction, state which component(s) of GDP will be affected, if any. (1 point each) 1. A man spends $1,500 on a new refrigerator for his house. 2. A computer company sells $5,000 worth of the previous year's models to consumers in a foreign country. 3. A woman purchases a wedding dress for $1000. 4. A company produces 5 new cars worth $5,000. It sells 3 of them to consumers and places 2 of them in a warehouse to be sold in the future. 5. The city of Fayetteville spends $7,500 on a new recycling truck. 6. A non-profit spends $10,000 on food for a large event. 7. A family receives a $3,500 stimulus check from the federal government. 8. A man purchases a $500 designer sweater from a foreign country. Using the transactions in 1-8, calculate value of the following components of GDP and total GDP: (2 points each) 9. Consumption 10. Investment 11. Government Spending

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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: Jan Williams, Susan Haka

17th Edition

126000645X, 9781260006452

More Books

Students also viewed these Economics questions

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago

Question

The relevance of the information to the interpreter

Answered: 1 week ago