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2. (National Income accounting) Define gross domestic product.

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2. (National Income accounting) Define gross domestic product. Determine whether each of the following would be included in the 2007 U.S. gross domestic product:
a. Profits earned by Ford Motor Company in 2007 on automobile production in Ireland.
b. Automobile parts manufactured in the United States in 2007 but not used until 2008.
c. Social Security benefits paid by the U.S. government in 2007.
d. Ground beef purchased and used by McDonald’s in 2007.
e. Ground beef purchased and consumed by a private U.S. household in 2007.
f. Goods and services purchases in the United States in 2007 by a Canadian tourist.
15. (Expenditure Approach to GDP) Given the following annual information about a hypothetical country, answer questions a through d.
                                   Billions of Dollars
Personal consumption expenditures               $200
Personal taxes                                   50
Exports                                        30
Depreciation                                   10
Government purchases                                    50
Gross private domestic investment                     40
Imports              &n bsp;                           40
Government transfer payments                           20
a. What is the value of GDP?
b. What is the value of net domestic product?
c. What is the value of net investment?
d. What is the value of net exports?
16. (Types of Unemployment) Determine whether each of the following would be considered frictional, structural, seasonal, or cyclical unemployment:
a. A UPS employee who was hired for the Christmas season is laid off after Christmas.
b. A worker is laid off due to reduced aggregated demand in the economy.
c. A worker in a DVD rental stores becomes unemployed as video-on-demand cable service becomes more popular.
d. A new college graduate is looking for employment.
17. (Inflation) Here are some recent data on the U.S. consumer price index:
Year     CPI     Year     CPI     Year     CPI
1988     118.3     1994     148.2     2000     172.2
1989     124.0     1995     152.4     2001     177.1     
1990     130.7     1996     156.9     2002     179.9
1991     136.2     1997     160.5     2003     184.0
1992     140.3     1998     163.0     2004     188.9
1993     144.5     1999     166.6     2005     195.3     
                         2006     201.8
Compute the inflation rate for each year 1989-2006 and determine which were years of inflation. In which years did deflation occur? In which years did disinflation occur? Was there hyperinflation in any year?

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