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GDP Accounting

1 Question I – GDP Accounting
For each of the following, describe how the transactions would affect the GDP accounts of the relevant countries
using the income method, the production method and the expenditure method.
(a) The US exports $100 in solar panels to Japan that are used in homes. Japan exports $100 to in cars to the US.
Of these, 50% are stored in warehouses while the other 50% are sold at price. Report the accounting in both
(b) The Russian army has invaded Ukraine. Russian soldiers earn wages of 10,000 Rubles each and use ammunition
that the government buys for 5,000 Rubles. The ammunition is produced using 2,000 Rubles of imported steel
and 100 hours of work by Russian workers; these Russian workers are paid 1,000 Rubles in total. Do the GDP
accounting. Now assume that had Russia not invaded Ukraine, soldiers would have still been paid but the
ammunition would have not been produced. Would the GDP in Russia have been higher or lower?
(c) The retail company Levi Strauss sells 1000 jeans for a total value of $100,000 to Macy’s. Macy’s sells the jeans
for $120 each. Say Levi’s sells 50% of its inventory. Compute the effect on GDP. Next, suppose each pair of
jeans in Levi’s inventory is downgraded, such that each pair is worth only half of what it was valued before.
Compute the contribution to GDP in this scenario.
(d) Assume a 16 year old named William Gates writes a computer program in his garage. The software is stored in
his hardware. What is his contribution to GDP? Now, instead assume William Gates incorporates a company
called Microsoft, with himself as the only employee. Any production cost is attributed to his salary. He still
works in his garage. He creates the same computer program. Suppose he values the computer program for
$20,000. What is the contribution to GDP? What is the money that Bill Gates gets in his bank account by
the end of the year and how much is registered as salaries?
(e) Jeremy buys a house for $50,000. When is the transaction part of GDP?

Sample Solution

e subjectivity of smell goes about as an obstruction in its uniqueness. Another issue is the trouble in graphically addressing smells. One method for addressing a smell could be to orally portray it so definitively that it doesn't get mistaken for some other smell, however this is a seriously exhausting assignment. Composing the synthetic recipe for the substance is tricky as the equation addresses the substance and not simply the smell. Tests of the smell could be put away however these may either disappear over the long run or change their temperament when presented to specific outside factors like hotness and dampness. One more significant thing to note is that the aroma must neither begin from the actual products nor be useful. Usefulness Doctrine again assumes a part here and in the event that any smell has a practical use, the enlistment of which could prompt critical hindrance to contenders, such smell might be disbarred from enrollment. Notwithstanding, there is no obvious definition for usefulness. For instance, the smell of lemon for trash plastic packs; the actual smell can be unmistakable, yet it can likewise be useful in light of the fact that it can veil the smell of waste and trash. Style house Chanel's application to get its notable fragrance Chanel No. 5 reserved was dismissed as it was the quintessence of the item. The first aroma imprint to be conceded in quite a while was for a "high effect, new, flower aroma suggestive of Plumeria blooms" for "sewing string and weaving yarn." There were four purposes behind exchange imprint to be allowed - (1) no other person in the market was creating scented strings and yarns; (2) the fragrance was an additional element and was neither useful nor inborn to the products; (3) the scented element was publicized and advanced; and (4) purchasers had come to connect the merchandise with the producer. Some other smell marks are Sumitomo Rubber Industries Ltd's. rose-scented tires and Vennootschap onder Firma Senta Aromatic Marketing's "smell of new cut grass" for tennis balls which has currently passed. India is yet to set priority, taking everything into account.

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