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Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469Economics 11th Edition by William McEachern
Edition 11ISBN: 978-1305505469 Exercise 3
National Income Accounting Define gross domestic product. Determine which of the following would be included in the 2016 U.S. gross domestic product:
a. Profits earned by Ford Motor Company in 2016 on automobile production in Ireland
b. Automobile parts manufactured in the United States in 2016 but not used until 2017
c. Social Security benefits paid by the U.S. government in 2016
d. Ground beef purchased by McDonald's U.S. operations in 2016
e. Ground beef purchased by a private U.S. household in 2016
a. Profits earned by Ford Motor Company in 2016 on automobile production in Ireland
b. Automobile parts manufactured in the United States in 2016 but not used until 2017
c. Social Security benefits paid by the U.S. government in 2016
d. Ground beef purchased by McDonald's U.S. operations in 2016
e. Ground beef purchased by a private U.S. household in 2016
Explanation
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"When the final goods and services are p...
Economics 11th Edition by William McEachern
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