home work ch 11

1. Would it be possible for an increase in taxation to decrease the gross domestic product measured in the U.S.? Why or why not?2.   Adam’s Ribs in downtown Chicago buys $10,000 worth of beef ribs, $25,000 worth of pork ribs, and $8,000 worth of napkins each month. Are these purchases included in the calculation of gross domestic product? Explain your answer.3.         Using the expenditure approach, calculate GDP using the following data.ItemAmount in dollars (billions)Total Consumption9,600Consumption of Durable Goods1,600Consumption of Non Durable Goods2,800Consumption of Services3,200Total Investment3,750Fixed Investment1,000Government purchases of Goods & Services2,675Government Transfer Payments450Exports800Imports900GDP Equals=4.   (a) What is the importance of measuring per capita GDP?(b) How do pollution and crime affect GDP?5.       What is the underground economy? How does it affect GDP calculations? Provide three examples of  underground economy transactions.

 

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