Economics Question 1: Question 2: Question 3: If an American citizen living in America buys hand...

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If an American citizen living in America buys hand sanitizer made in China, which component(s) of the GDP is (are) affected? Question 2:

If Amazon, an American company, increases its hand sanitizer inventory to make sure they can cover their consumers needs, wh Question 3:

Assume that Germany makes only 2 goods; cars and toasters. In 2010, they sold 10 million cars at $50,000 each and 2 million t

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Answer 1

Answer #1

If an amarican citizen living in america buys a hand sanitizer made in China, Net Exports (NX) component will be affected.

GDP comprises of personal consumption expenditures (C), gross private investment (I), government purchases (G), and net exports (X – M) . Net Exports (NX) is Exports (X) - Imports (M).

GDP = C + I + G + (X – M) , or

GDP = C + I + G + NX

Personal Consumption Expenditures (C) - Household expenditures for consumer goods and services

Gross Private Investment (I) - Business expenditures for capital goods, household purchases etc

Government Purchases (G) - Expenditures that government incures for goods and services that government consumes in providing public

Exports (X) - Good and servives that are produced domestically but sold abroad

Imports (I) - Goods and services that are produced abroad but sold domestically

Net exports (X – M) - Exports - Imports

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