Suppose Teresa earns $500 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Sam $350 per week to wait tables. Sam uses $200 to purchase a necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Teresa earns $500 per week working for Classy's Jewelry Store.

Suppose Teresa earns $500 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Sam $350 per week to wait tables. Sam uses $200 to purchase a necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Sam spends $200 to purchase a necklace from Classy's Jewelry Store.

Suppose Teresa earns $500 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Sam $350 per week to wait tables. Sam uses $200 to purchase a necklace from Classy's Jewelry Store. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Sam earns $350 per week working for Little Havana.

Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs

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 2017. Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 5, 2017. 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 2017. (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.)

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 2017. The Jones family buys an antique silver platter at an auction in upstate New York on March 10, 2017.

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 2017. Roadway Motors, a U.S. automobile company, produces a convertible at a plant in Germany on March 10, 2017. Roadway Motors imports the convertible into the United States on May 19, 2017.

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 2017. Chocolate Express, a Swiss chocolate company, produces a chocolate bar at a plant in Illinois on December 2, 2017. An elementary school student buys the chocolate bar on December 18.

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 2017. Tasty's, a U.S. fast-food company, produces a hamburger at one of its many St. Louis locations on January 21, 2017. It sells the hamburger to a customer that same day.

Shen and Valerie Ferrari live in Swarthmore, PA. Their son, Antonio, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption, investment, government purchases , exports, or imports. Shen's employer assigns him to provide consulting services to an Australian firm that's opening a manufacturing facility in China.

Shen and Valerie Ferrari live in Swarthmore, PA. Their son, Antonio, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption, investment, government purchases , exports, or imports. Antonio buys a new set of tools to use in his plumbing business.

Shen and Valerie Ferrari live in Swarthmore, PA. Their son, Antonio, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption, investment, government purchases , exports, or imports: The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore.

Shen and Valerie Ferrari live in Swarthmore, PA. Their son, Antonio, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption, investment, government purchases , exports, or imports. Valerie gets a new video camera made in the United States.

Shen and Valerie Ferrari live in Swarthmore, PA. Their son, Antonio, owns his own plumbing business. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption, investment, government purchases , exports, or imports. Shen buys a sweater made in Guatemala.

Why is real GDP a more accurate measure of an economy's production than nominal GDP?

Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States?