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1、MacroAnswerstoProblemsChapter41.GDPisthemarketvalueofproduction,andisequalto:(300fish)(lclamshellperfish)+(5boars)(10clamshellsperboar)+(200bunchesofbananas)(5clamshellsperbunchofbananas)二300+50+1000=1350.JohndiggingbaitforGeorgerepresentsanintermediateservicethatisnotcountedinGDPasitisalreadyacc
2、ountedforinthe300clamshellforfish・Similarly,George,spurchaseofmaturebananatreesdoesnotcountinGDPsincethetreesareanexistingasset・(LO1)AACSB:AnalyticBloom，s:Apply2.a.$1billioninsalariesforgovernmentworkersisagovernmentpurchaseofaservice・GDPincreasesby$1billion.b・$1billiontoSocialSecurityrecipientsi
3、satransferpayment.TransferpaymentsarenotcountedinGDP,sothistransactiondoesnotaffectGDP.c.$1billionfornewlyproducedairplanepartsisagovernmentpurchaseofagood.GDPincreasesby$1billion.d.$1billionininteresttoholdersofU.S.governmentdoesnotcountbecauseinterestpaymentsbythegovernmentarenotincludedinGDP,s
4、othistransactiondoesnotaffectGDP.e.$1billiontoSaudiArabiaforcrudeoiltoaddtoU.S.government-ownedoilreservescountsintwocategoriesofGDP・First,thepurchasecountsasa$1billiongovernmentpurchaseofgoods.Second,sincetheoilispurchasedfromSaudiArabia,importsriseby$1billionandthereforenetexportsfallby$1billio
5、n.Thus,thereisnoneteffectonGDPasthegovernmentpurchaseisexactlyoffsetbythedecreaseinnetexports-Note:Thismakessense,sincenoadditionalproductionoccurredwithintheUnitedStates.(L01)AACSB:AnalyticBloonfs:Analyze3.Valueaddedbyeachfirmisasfollows:CompanyQuantityproducedPriceperunitRevenuesCostofpurchased
6、inputsValueaddedIntelligenceInc.10020020000020000Macrosoft10050500005000Bell100800800002500055000PCCharlie's10010001000008000020000Sumofvalueadded=$20,000+$5,000+$55,000+$20,000=$100,000Thisisthesameresultwegetbysummingupthemarketvaluesoffinalgoodsandservices,$100,000,whichisequaltothe100computer
7、ssoldbyPCCharlie'sat$1,000each.(LO1)AACSB:AnalyticBloom^s:Apply4.GDPandvalue-addedinlumberandfurniturea.Value-addedfor2010isshowninthefollowingtable:CompanyRevenuesCostofpurchasedinputsValueaddedMNLogs150001500MNLumber
