46 The government purchases category of gross domestic product (GDP) includesspending bya) federal, state, and local governments.b) local government only.c) federal and state governments.d) state and local governments.O e) the federal government only.

GDP includes value of final goods and services produced in the economy within a given period of time…

The government purchases category of gross domestic product (GDP) includes spending by a) federal, state, and local governments. O b) local government only. c) federal and state governments. O d) state and local governments. O e) the federal government only.

The government purchases category of gross domestic product (GDP) includes spending by a) federal, state, and local governments. O b) local government only. c) federal and state governments. O d) state and local governments. O e) the federal government only.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 8P

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Question

The government purchases category of gross domestic product (GDP) includes
spending by
a) federal, state, and local governments.
b) local government only.
c) federal and state governments.
d) state and local governments.
O e) the federal government only.

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Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
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