Government expenditures on goods and services include
i. the local Library's purchase of new books.
ii. ACT's road maintenance.
iii. the State of Victoria's payment of wages to correctional service officers.
Which of the following is included in Australia's GDP?
i. The rental value of homes owned by Australian citizens
ii. The production of Cotton On t-shirts by their suppliers in India
iii. Tickets sold by Bruno Mars for concerts held in Sydney
Wobet is a small country that produces only steak and potatoes. Steaks have a price of $10 each and potatoes have a price of $1 each. Suppose that Wobet produces 10 steaks and 20 potatoes in 2010. Using ________, Wobet has GDP equal to ________.
Which of the following is included as investment in GDP?
i. Cars produced during the year but unsold at the end of the year.
Ii New capital equipment produced and purchased during the year.
iii. Purchases of a company's shares and bonds.