What does a country's gross domestic product measure for a year?

Which list gives the four expenditure components used to calculate GDP?

In the term gross domestic product, what does gross mean?

What is nominal GDP?

What does GDP per capita calculate?

This year, Luis sells his four-year-old bicycle to a neighbor for $180. How does the bicycle sale affect this year's GDP?

A family buys a new refrigerator made in Ohio from a local appliance store. How is the refrigerator counted in GDP?

A builder completes and sells a newly constructed house this year. How is the house counted in GDP?

Jordan cooks dinner at home using groceries already purchased. Is Jordan's cooking service counted separately in GDP?

A customer pays $45 for a haircut at a salon this year. How does that service enter GDP?

The federal government sends a retired worker a $1,200 Social Security payment. How is that payment counted directly in GDP?

A household buys a smartphone made in South Korea from a U.S. retailer. Does producing that phone add to U.S. GDP?

An automaker produces cars this year but leaves some unsold in inventory at year-end. How are the unsold new cars treated in GDP?

A restaurant pays a server in cash and keeps the meal sales off its books. Why might this activity be missing from official GDP?

A household spends $70 on movie tickets at a theater. In GDP = C + I + G + NX, which component includes the purchase?

A manufacturer buys a new robotic welding machine for its factory. Which GDP component records this spending?

A county purchases new fire trucks for its public fire department. Which GDP component includes the purchase?

A U.S. company sells wheat grown in Kansas to buyers in Japan. Which GDP component records this sale?

This year, a bookstore sells novels that were printed last year and counted in last year's inventory. How does the sale affect this year's GDP?

A family pays a contractor to build a new addition onto its house. Which GDP component includes the construction?

A bakery buys flour from a mill and uses it to bake bread sold to customers. Why is the flour not counted separately as final output?

A furniture maker buys lumber, then sells completed tables to households. Which item is the final good for GDP purposes?

A farmer sells tomatoes to a cannery, and the cannery sells canned tomatoes to grocery shoppers. If GDP counted both sales in full, what problem would occur?

An economy has consumption of $600 billion, investment of $150 billion, government purchases of $200 billion, exports of $80 billion, and imports of $100 billion. What is GDP?

Consumption is $900 billion, investment is $250 billion, government purchases are $300 billion, exports are $120 billion, and imports are $70 billion. What is GDP?