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Economics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188124Economics 10th Edition by William McEachern
Edition 10ISBN: 978-1133188124 Exercise 3
NATIONAL INCOME ACCOUNTING Define gross domestic product. Determine which of the following would be included in the 2013 U.S. gross domestic product:
a. Profits earned by Ford Motor Company in 2013 on automobile production in Ireland
b. Automobile parts manufactured in the United States in 2013 but not used until 2014
c. Social Security benefits paid by the U.S. government in 2013
d. Ground beef purchased and used by McDonald's U.S. operations in 2013
e. Ground beef purchased and consumed by a private U.S. household in 2013
f. Goods and services purchased in the United States in 2013 by a Canadian tourist
a. Profits earned by Ford Motor Company in 2013 on automobile production in Ireland
b. Automobile parts manufactured in the United States in 2013 but not used until 2014
c. Social Security benefits paid by the U.S. government in 2013
d. Ground beef purchased and used by McDonald's U.S. operations in 2013
e. Ground beef purchased and consumed by a private U.S. household in 2013
f. Goods and services purchased in the United States in 2013 by a Canadian tourist
Explanation
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Gross domestic product (GDP)
The market...
Economics 10th Edition by William McEachern
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