1. 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 tim 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 2021. Scenario Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 27, 2021. Gamewear imports the VR headset into the United States on May 18, 2021. An accountant starts a client's 2021 tax return on April 14, 2022, finishing it just before midnight on April 15, 2022. Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 14, 2021. It sells the latte to a customer immediately. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2021. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2021. (Note: Focus exclusively on whether production of the set of tires increases GDP directly, and ignore the effect of production of the two- door coupe on GDP.) Billy Bonka's, a German chocolate company, produces a chocolate bar at a plant in Pennsylvania on December 9, 2021. A high schooler buys the chocolate bar on December 24. 2021 G Included E

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 24CTQ: Why is the GDP deflator not an accurate measure of inflation as it impacts a household?

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Not a previously graded question. Please fill in both blanks below statement and answer bottom questions with either Included or Excluded. 1 . 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 2021. Bottom choices are: Included or Excluded

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1. Activities included (and not included) in the calculation
of GDP
Scenario
The gross domestic product (GDP) of the United States is
defined as the
all
in a given period of tim
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 2021.
X
Gamewear, a U.S. electronics company, produces a VR headset at a plant in South Korea on March 27, 2021. Gamewear imports the VR
headset into the United States on May 18, 2021.
An accountant starts a client's 2021 tax return on April 14, 2022, finishing it just before midnight on April 15, 2022.
Larry's Lattes, a U.S. coffee company, produces a latte at its location in Los Angeles on January 14, 2021. It sells the latte to a customer
immediately.
Rotato, a U.S. tire company, produces a set of tires at a plant in
Michigan on September 25, 2021. It sells the set of tires to
Speedmaster for use in the production of a two-door coupe
that will be made in the United States in 2021. (Note: Focus
exclusively on whether production of the set of tires increases
GDP directly, and ignore the effect of production of the two-
door coupe on GDP.)
Billy Bonka's, a German chocolate company, produces a chocolate bar at a plant in Pennsylvania on December 9, 2021. A high schooler buys
the chocolate bar on December 24.
2021 G
Included E

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