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IRISSAK [1]
2 years ago
10

Firm A produces desks. It is situated in the US but imports wood from Brazil. Last year it imported $8,000 in lumber and sold 10

0% of its production for a total value of $56,000 (assume transportation costs are negligible). What was the total value added by this firm to the economy (in terms of GDP) last year (in dollars)?
(A) 56,000
(B) 64,000
(C) 48,000
Business
1 answer:
Veronika [31]2 years ago
6 0

Answer:

The correct answer is C: 48000

Explanation:

The Expenditure Approach is a method of measuring GDP by calculating all spending throughout the economy including consumer consumption, investing, government spending, and net exports. This method calculates what a country produces, assuming that the finished goods and services of a country equals the amount spent in the country for that period.

<u>The formula is: </u>

GDP=C+I+G+/-NX

GDP: Gross Domestic Product

(C) consumer spending – this is the amount that all consumers spend on goods and services for personal use.

(I) investment – this is the amount that businesses or owners spend to invest in new equipment or expansions.

(G) government spending – this includes spending on new infrastructure like bridges and roads.

(NX) net exports – this includes spending on a country’s exports minus its spending on imports.

AddedGDP= 56000-8000

AddedGDP= 48000

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Answer and Explanation:

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= 1 ÷ 25

= 4%

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7 0
3 years ago
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2 years ago
merchandise is sold for cash. the selling price of the merchandise is $2,600, and the sale is subject to a 6% state sales tax. t
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The journal entry for the sale would include a credit to sales tax payable for $156 if the selling price of the merchandise is $2600.

The government levies a consumption tax known as a sales tax on the purchase of goods and services. At the point of sale, a standard sales tax is imposed, collected by the retailer, and paid to the government. Companies must first apply for a sales tax permit from their state's department of taxation in order to be able to collect sales tax from customers. Every time a customer makes a purchase, businesses collect sales tax, which they subsequently monthly or quarterly send to the state.

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8 0
1 year ago
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