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IRISSAK [1]
2 years ago
6

Accounting for trade in goods and services Suppose the following transactions occur during the current year:

Business
1 answer:
Reil [10]2 years ago
4 0

Answer:

Accounting for trade in goods and services

Indication of the combined effects of transactions on the U.S. national accounts for the current year:

1. Dmitri orders 40 bottles of wine from a French distributor at a price of $30.00 per bottle.

Amount  (Dollars)     $1,200            

Consumption          0

Investment              0

Government Purchases   0

Imports Exports    0

Net Exports  0

Gross Domestic Product (GDP) 0

2. A U.S. company sells 200 spark plugs to a Korean company at $5.00 per spark plug.

Amount  (Dollars)  $1,000

Consumption    0

Investment     0

Government Purchases   0

Imports Exports   $1,200 Exports

Net Exports  $1,200

Gross Domestic Product (GDP)  $1,200

3. Jake, a U.S. citizen, pays $670 for a surfboard he orders from Greatwaves (a U.S. company).

Amount  (Dollars)  $670

Consumption  $670

Investment  0

Government Purchases  0

Imports Exports  0

Net Exports 0

Gross Domestic Product (GDP) $670

Explanation:

The Gross Domestic Product (GDP) is the total market value of goods and services produced within an economy for a given period.  It is calculated with this formula: GDP=C+I+G+(X−M) where, C = Consumption of goods and services, I = Investments, G = Government Spending, X = Exports and M = Imports.  It is in turn influenced by transactions that take place on a daily basis.  Some of the transactions do not really affect a country's GDP.  For example, the order of bottles of wine by Dmitri (supposedly a Greek citizen) from a French distributor into (Greece).

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b. $51,000 and $5000.

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