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3. The Expenditure Components of Nominal GDP (4 points)Which of
3. The Expenditure Components of Nominal GDP (4 points)Which of the following transactions would be included in 2016 U.S. GDP? Forthose transactions which are included in U.S. GDP, indicate whether they shouldcount as part of C, I, G, or NX. Assume that all buyers and sellers are domesticunless otherwise stated. 2A. (0.5 points) A household purchases a home in 2016 that was constructedand available for sale in 2015.B. (0.5 points) A household purchases 100 shares of Apple stock in 2016.C. (0.5 points) An increase in General Motors? inventory of unsoldautomobiles in 2016.D. (0.5 points) A Social Security check received by a retired worker in 2016.E. (0.5 points) The purchase of a newly-produced Northrop jet fighter by theU.S. Air Force in 2016.F. (0.5 points) The purchase of Nike shoes produced in a Mexican factoryin 2016.G. (0.5 points) You spend the entire Thanksgiving weekend of 2016 cleaningthe rain gutters of your house.H. (0.5 points) You pay the firm ?In the Gutter? to clean the rain gutters ofyour house that same weekend.
4. Chain-Weighted Index Numbers (8 points)Consider a hypothetical economy that produces only two goods: sunscreen andsurfboards.Quantity Produced PricesYear Surfboards Sunscreen Surfboards Sunscreen2015 5 5 $500 $102016 4 10 $600 $72017 3 15 $700 $5A. (3 points) Construct a chain-weighted (Fisher) price index for thiseconomy for the years 2015, 2016, and 2017. Let = 100. Be sure toshow your work throughout the problem. You can round to two decimalpoints, i.e., 145.34.B. (3 points) Construct chain-weighted real GDP ()for this economy forthe years 2015, 2016, and 2017. Let real GDP = nominal GDP in 2015.Round to the nearest penny.C. (1 point) Suppose you had the data from the table above, and the pricesand quantities of surfboards and sunscreen for this economy in 2019.Would it be possible to compute chain-weighted real GDP for 2019,measured in 2015 chain-weighted dollars? Please explain why or why not.You don?t need to do any calculations.D. (1 point) Visit the U.S. Bureau of Economic Analysis webpage(www.bea.gov). What is the actual U.S. real GDP for 2016Q2, measuredin billions of chained 2009 dollars?
This question was answered on: Feb 21, 2020
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