Answered step by step
Verified Expert Solution
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started