Economics: A Contemporary Introduction 9th Edition by William McEachern

Exercise 2

National Income Accounting Define gross domestic product. Determine which of the following would be included in the 2011 U.S. gross domestic product:
a. Profits earned by Ford Motor Company in 2011 on automobile production in Ireland
b. Automobile parts manufactured in the United States in 2011 but not used until 2012
c. Social Security benefits paid by the U.S. government in 2011
d. Ground beef purchased and used by McDonald's in 2011
e. Ground beef purchased and consumed by a private U.S. household in 2011
f. Goods and services purchased in the United States in 2011 by a Canadian tourist