Question

The gross domestic product (GDP) of the United States is defined as the market value of...

The gross domestic product (GDP) of the United States is defined as the market value of all final goods and services produced within the United States 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 2018.

Scenario

2018 GDP

Included

Excluded

Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 9, 2018. An elementary school student buys the chocolate bar on December 24.
Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 27, 2018. Athleticus imports the pair of sneakers into the United States on May 18, 2018.
Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 25, 2018. 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 2018. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.)
Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 14, 2018. It sells the hamburger to a customer that same day.
An accountant starts a client's 2018 tax return on April 14, 2019, finishing it just before midnight on April 15, 2019.

I need help please.

0 0
Add a comment Improve this question Transcribed image text
✔ Recommended Answer
Answer #1

The gross domestic product (GDP) of the United States is defined as the market value of all final goods and services produced by resources within the United States in a given period of time.

.

Scenario

2018 GDP

Included

Excluded

Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 9, 2018. An elementary school student buys the chocolate bar on December 24. Yes
Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 27, 2018. Athleticus imports the pair of sneakers into the United States on May 18, 2018. Yes
Treetopplers, a U.S. lumber company, produces wood at a plant in Oregon on September 25, 2018. 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 2018. (Note: Focus exclusively on whether production of the wood increases GDP directly, and ignore the effect of production of the new house on GDP.) Yes
Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 14, 2018. It sells the hamburger to a customer that same day. Yes
An accountant starts a client's 2018 tax return on April 14, 2019, finishing it just before midnight on April 15, 2019. Yes
Add a comment
Know the answer?
Add Answer to:
The gross domestic product (GDP) of the United States is defined as the market value of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Similar Homework Help Questions
  • The gross domestic product (GDP) of the United States is defined as the market value of all final goods and services pro...

    The gross domestic product (GDP) of the United States is defined as the market value of all final goods and services produced within the United States 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 2015. Scenario 2015 GDP Included Excluded Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December...

  • 2. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP)...

    2. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of the United States is defined as the all 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 2018. 2018 GDP Included Excluded Scenario Athleticus, a U.S. shoe company, produces a pair of sneakers at a plant in Vietnam on March 27,...

  • Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the...

    Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the   all       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 2017. Scenario 2017 GDP Included Excluded An accountant starts a client's 2017 tax return on April 14, 2018, finishing it just before midnight on April...

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

    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 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...

  • 2. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP)...

    2. Activities included (and not included) in the calculation of GDP 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 Included Excluded Scenario Zippycar, a U.S. automobile company produces a convertible at a manufacturing plant in Minneapolis on January 18, 2020. It...

  • Options: 1)cost of producing/wholesale cost of/market value of 2)final goods and services produced/final goods and services...

    Options: 1)cost of producing/wholesale cost of/market value of 2)final goods and services produced/final goods and services consumed/final and intermediate goods and services produced 3)by Canadian citizens/by resources within Canada/by Canadian-owned companies 1. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of Canada is defined as the all 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...

  • Based on this definition, indicate which of the transactions in the following table will be included...

    Based on this definition, indicate which of the transactions in the following table will be included in that is, directly increase) the GDP of the United States in 2021. 2021 GDP Included Excluded Transaction You chop down a cherry tree on your property in California and make a dining room table in 2021. This table does not pass through an organized market, but a similar table sells for $800 in a local furniture store. Athleticus, a U.S. shoe company, produces...

  • Please explain and fill in. thank you:) 1. Activities included (and not included) in the calculation...

    Please explain and fill in. thank you:) 1. Activities included (and not included) in the calculation of GDP The gross domestic product (GDP) of the United States is defined as the market value of ▼ all final goods and services produced re United Statesin a given period of time market value of wholesale cost of Based on this definition, indicate which of the following transactions will s, directly increase) the GDP of the United States in 2017 cost of producing...

  • 2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of...

    2. Activities included (and not included) in the calculation ofGDP The gross domestic product (GDP) of the United States is defined as the all 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 Included Excluded Scenario Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 5, 2020. It sells...

  • 1. The following events occurred in 2020 in the United States. In column i write either...

    1. The following events occurred in 2020 in the United States. In column i write either “included” or“not included”in gross domestic product (GDP) for 2020 and in column ii explain why a. EXAMPLE PROBLEM Buy a new textbook from a bookstore i. included ii. C; final good b. McGraw-Hill (publisher) buys paper for its textbooks from a U.S. supplier i. ii. c. The purchase of U.S. lumber by a contractor used to build a house in SouthWest Florida. i. ii....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT