Question: Consider the following transactions in the economy for one quarter. For simplicity, that
(1) these are the only transactions in the economy and National Income Accounting Standards are used to determine GDP,
(2) unless otherwise indicated, all named individuals are U.S. citizens:
(3) unless otherwise indicated, all are located within the U.S.;
(4) there are no intermediate goods involved:and
(5) if necessary, all imports have already been counted in the appropriate non-net export component.
1. Located in Sunny Isles, Fla., just north of Miami, the newly-constructed, 57-story Porsche Tower is the largest residential condominium building in Florida.
2 Myriad Genetics, a Salt Lake City, Utah molecular diagnostic company provides screening services to patients to identify genetic diseases.
3. Sony Computer Entertainment, the Japanese consumer electronics company located in Minato City Japan, ships its new video game console, PlayStation
4. to U.S. stores. 4 The Federal Aviation Administration, a branch of the U.S. Department of Transportation purchases a new flight-management software program from Honeywell International, a Morristown, New Jersey aerospace and engineering company.
5. Ford Motor Company, the American car maker increases new car shipments by 28% to South Korea, including Escape SUVs, Fusion midsize sedans, and Focus compacts.
6 oracle Corporation, based in Redwood shores, Calif, paid exist2 million to settle U.S. Securities and Exchange Commission accusations that it violated U.S. laws designed to prevent bribery.