Consumer expenditures on replacement tires are included

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1. Nominal GDP in Nowhereland in 2002 and 2003 increased from $4 trillion to $4.8 trillion. Can you say that the production of goods and services in Nowhereland has increased between 2002 and 2003? Why or why not?

2. For 2008, GDP in the United States was estimated at $14.265 Trillion Dollars. If the estimated population was 303 million, what was the GDP per capita that year? What share of GDP would accrue to a family of four?

3. The expenditures on tires by the Ford Motor Company are not included directly in GDP statistics while consumer expenditures on replacement tires are included. Why?

Reference no: EM131245455

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