Business, 08.07.2021 23:20 NavyCo

A French family flies from Paris, France to New York City where they have a brief layover before flying to Montreal, Canada. While in New York the family has a $25 dollar lunch at a hot dog stand near Time Square. How does this lunch contribute to U. S. GDP? a. U. S. GDP remains unchanged, but French GDP increases by 22 Euros ($25 U. S.).
b. GDP decreases by $25
c. GDP increases by $25
d. GDP does not change since the family is not from the U. S.

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Answer from: zitterkoph

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Consumption spending includes spending by households on goods and services. Consumption spending includes :

spending on durables - e.g. buying a laptop

spending on nondurables - e.g. buying clothes, food

spending on services - e.g. payment of hospital bill

the purchase of a textbook by a student is an example of consumption spending on durable goods

Investment - It includes purchases of goods and services made by businesses in the production of goods and services

Government spending - It includes government consumption expenditure and gross investment. The purchase of a new limousine for the president is an example of consumption expenditure

Net export = export - import

the purchase of hotdog constitutes consumption of non durable goods and this would increase US GDP by $25

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answer from: Quest

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