Question

2. Activities included (and not included) in the calcu lation of GDP all The gross domestic product (GDP) of the United States is defined as the 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 Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 19, 2020. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2020. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) An accountant starts a client's 2020 tax return on April 14, 2021, finishing it just before midnight on April 15, 2021 Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 4, 2020. Calculo imports the calculator into the United States on May 28, 2020. Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 18, 2020. It sells the hamburger to a customer that same day. Fastlane, a Japanese automobile company, produces sedan at a plant in Indiana on December 12, 2020. A family buys the sedan on December 24.

1) Defined as the following options: Wholesale cost of, Market Value of, or cost of producing

2) All: Final goods and services consumed, final goods and services produced, or final and intermediate goods and services produced

3) Within the United States, By U.S. Owned companies, or by U.S. Citizens

Answer 1

2. Activities included (and not included) in the calculation of GDP v all The gross domestic product (GDP) of the United States is defined as the market value of Within the United States v in a given period of time. final goods and services produced 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 Included Excluded Scenario Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 19, 2020. It sells the wood to Buildit and Partners, a developer, for use in the production of a new house that will be built in the United States in 2020. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) An accountant starts a client's 2020 tax return on April 14, 2021, finishing it just before midnight on April 15, 2021. Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 4, 2020. Calculo imports the calculator into the United States on May 28, 2020. Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 18, 2020. It sells the hamburger to a customer that same day. Fastlane, a Japanese automobile company, produces sedan at a plant in Indiana on December 12, 2020. A family buys the sedan on December 24.