Explain how U.S. exports and imports each affect domestic production.

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Chapter 7 GDP Assignment. see assignment questions below: 1,2,3.
1.
Define net exports. Explain use examples
Explain how U.S. exports and imports each affect domestic production.
How are net exports determined? Explain how net exports might be a negative amount. use a numerical illustration to explain your results.
2.
Contrast the ideas of nominal GDP and real GDP. Explain in detail.
Why is one more reliable than the other for comparing changes in the standard of living over a series of years? Explain use examples.
What is the GDP price index and what is its role in differentiating nominal GDP and real GDP? Explain in detail show the formula and an example.
3.
Which of the following is counted or not counted in this year’s GDP Explain your answer in each case?
Interest earned on an Microsoft corporate bond.
Social Security payments received by a retired factory worker.
Unpaid services of a family member in painting the family home
Income of a college counselor from the services provide.
A monthly allowance a college student receives from home.
Money received by Josh when he resells his nearly brand-new Dodge Caravan automobile to Kim.
The publication and sale of a new college textbook.
An increase in leisure resulting from a 2-hour decrease in the length of the workweek, with no reduction in pay.
A $2 billion investments by technology corporations building manufacturing facilities.
The purchase of 100 shares of Facebook common stock.

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