First of all, GDP does not include household production, production from the underground economy, intermadiate goods or intermediate servces. That is because we define GDP to be the total of all market values of all final goods and services in the country. Hence, the correct answer by the above definition cannot be d. The point of that definition is that household products cannot have a market value and that if we counted towards the GDP both the value of a Graphics Card and that of the PC, we would double count the value of the Graphics Card, thus overestimating the GDP. We see that the value of new houses are included in GDP since they need materials and services and they have a market value, so b is also excluded. Finally, we have shown that b is true but that this is a good thing and leads to a better estimate of total production; the correct answer is a. Here is an example. If there is an economy where in every house there is plenty of wood and people make wood dolls out of tradition, these dolls will not have a market value if they are kept by the people who made them. Nonetheless they are products too and everyone could just try to sell them the next day at a reasonable price; then, the GDP would get a bump out of nowhere, because it cannot account for household items or the underground economy.
Journal entries
Dr Allowance for uncollectible account $41,000
Cr Account Receivable $41,000
Dr Account receivable $3,600
Cr Allowance for uncollectible account $3,600
Dr Cash $3,600
Cr Account receivable $3,600
Solution:
200 births and 10 immigrants will be added to the population.
Total is 210.
60 deaths and 30 emigrants will be taken away from the
population. Total here is 90.
Just a reminder that an emigrant is somebody who leaves
their own country to lastingly settle into a different country.
Therefore, 210 people are added to the population, and 90
people are to be subtracted, for a net gain of 210 - 90 = 120 people.
What percentage is 120 of 10,000?
<span>120/10,000 = 0.012 = 1.2% annual growth rate</span>
Answer: The correct answer is "In the inclusions section of the contract
".
Explanation: The refrigerator and window covers are taken into account in the "contract inclusions" section because this section includes all items included in the sale that do not correspond to be sold as personal property.
