Homework #3 - Economics 101-01 Fall 2011 Homework #3 Due...

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Economics 101-01 Fall 2011 Homework #3 Due October 24, 2011 Evelyn Tavares Chapter 24 Page 497 Question #13 parts c, h, l, and m only 13) c- No, because the service was a result of a nonmarket transaction. h- No, this is not included in the GDP, because the money is a result of a second hand sale. l- Yes, the $2 billion is included in the GDP, the increase in inventory is considered to be an investment, and they represent unconsumed output. m- No, the purchase of 100 shares of GM is not included in the GDP, because there was no production. Complete the following questions as well. 1. Given the following information: Social Security Contributions = $400 Government Purchases = $3500 Personal Taxes = $700 Net Foreign Factor Income = $800 Imports = $1200 Wages = $3000 Rent = $800 Dividends = $700 Transfer Payments = $900 Interest = $700 Corporate Profits = $1900 Personal Consumption Expenditures = $4500 Depreciation = $1100
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This note was uploaded on 03/01/2012 for the course ECON 101 taught by Professor M.h.baligh during the Spring '09 term at Bergen Community College.

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Homework #3 - Economics 101-01 Fall 2011 Homework #3 Due...

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