Question

"A Texas household receives a Social Security check for $1500, which it uses to purchase a $40 pair of shoes made in Thailand by a Thai firm, a $1240 television made by a Korean firm in Korea, and $220 on groceries from a local store. As a result, U.S. GDP"

Answer 1

Answer:

U.S. GDP = $440

Explanation:

If Texas household receives a Social Security check for $, and after calculating the purchases the US GDP is as follows:

Shoes from the Thai and korean firm is part of imports

Imports = $40 + $1240 = $1280

Domestic consumption = $220

Security check is part of government spending = $1500

GDP =$1500 + $220 - $1280 = $440