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Question : 31) Household production, such as baking bread at home, not : 1240850

Economics

 

31) Household production, such as baking bread at home, is not included in GDP because it

A) has better quality than the bread in the store.

B) has lower quality than the bread in the store.

C) does not add anything of value to GDP.

D) does not involve a market transaction.

E) is not really production.

 

32) The calculation of GDP excludes the value of

A) government expenditure on office supplies.

B) households’ purchases of shampoo.

C) businesses’ purchase of new machine tools.

D) a family member painting the family home.

E) expenditure on durable goods.

33) An example of household production excluded from GDP is

A) household cleaning services provided by Merry Maids Incorporated.

B) child care provided by a certified nanny.

C) tree trimming you provide at your parents’ home.

D) plumbing work completed by Joe Fix-it.

E) lawn care provided by a local lawn care company.

 

34) Babysitting services the oldest son provides his parents

A) counts as nominal GDP but not real GDP.

B) counts as real GDP but not nominal GDP.

C) counts as real GDP and nominal GDP.

D) does not count as real GDP nor nominal GDP.

E) counts in both real and nominal GDP only if the son is not paid.

 

35) As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by

A) only the value of the output produced by the newly working women.

B) the value of the output produced by the newly working women minus the value of the household work they were previously performing.

C) the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform.

D) only the value of the household work they are now hiring someone to perform.

E) the value of the household work they were previously performing minus the value of the output produced by the newly working women.

36) Instead of taking the dirty laundry with you when you go back to visit your parents, you use a Laundromat. Your use of the Laundromat means that

A) GDP will decrease and the country’s standard of living will fall.

B) your parents’ contribution to GDP will increase.

C) GDP will remain the same.

D) what you paid for use of the Laundromat will be included in GDP.

E) real GDP does not change because the clothes are still being laundered but nominal GDP rises since you are now paying for the service.

 

37) If you mow the lawn yourself, the lawn mowing is considered household production. If you pay Larry’s Lawn Service to mow your lawn, the lawn mowing is considered

A) a leisure time activity.

B) a service, that will be counted as part of GDP.

C) a service, but is not counted as part of GDP because it simply replaces a service you used to perform.

D) rent, and therefore is counted as part of GDP.

E) underground production because it replaces the underground production of you mowing your lawn.

 

38) Pat gives up a $40,000 per year job to stay at home and take care of the house. By so doing, Pat saves $15,000 in child care and house cleaning services which he now performs himself. The direct effect on GDP from Pat’s decision is a decrease of

A) $40,000.

B) $55,000.

C) $25,000.

D) $15,000.

E) $30,000.

39) Which of the following is likely to be an unreported economic activity?

A) a $250,000 bonus paid to the CEO of a company

B) tips paid to a taxi driver

C) the minimum wage paid to a teenager working at a McDonald’s

D) the brokerage fees paid to a broker at Merrill Lynch

E) the purchase of shares of stock in Walgreen’s Pharmacy

 

40) The measurement of GDP handles underground production by

A) including the amount produced in this sector of the economy in exactly the same way that all other production is included.

B) omitting it because underground production is unreported to the government by the people involved.

C) adding it at fixed prices that change only infrequently.

D) adding an estimate of it because it is difficult to precisely measure underground production.

E) omitting it because, being illegal, it has no effect on the nation’s total production.

 

 

 

 

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July 1, 2023
    

 

The example uses a different case. Your submission should not be more than 7 pages long. 

Use the attached file to find the case you have been assigned.

 

Purpose:  The purpose of this is to enable you to meet the following goals:

  • Understand the role of a tax practitioner
  • Identify the tax issues involved in a scenario
  • Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
  • Be able to articulate and defend a tax position in writing.

Task:   In order to successfully complete this assignment you must:

  • Prepare a memorandum to the tax manager outlining the information you found in your research.
  •  Format the memo to include:
    • Restatement of Facts (paraphrase)
    • Identify at least three main issues based on these facts
    • Provide a conclusion for each issue
    • Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue. 
    • Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material. 
  • Submit the assignment using a Turnitin assignment dropbox.
    • Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content.  Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper.  Upon submission you will be able to see your score immediately, as others submit their papers your score may increase.  Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.  
    • I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office. 
    • I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

The writing assignment will be graded based on grammar, style of writing, logical development of ideas, critical thinking skills, and technical accuracy of the analysis and conclusions, using a rubric, which is found below. 

Assignments will be evaluated on:

  • Completion of assigned task (instructions)
  • Quality of content and research
  • Presentation of material
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July 1, 2023
    

 

The example uses a different case. Your submission should not be more than 7 pages long. 

Use the attached file to find the case you have been assigned.

 

Purpose:  The purpose of this is to enable you to meet the following goals:

  • Understand the role of a tax practitioner
  • Identify the tax issues involved in a scenario
  • Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
  • Be able to articulate and defend a tax position in writing.

Task:   In order to successfully complete this assignment you must:

  • Prepare a memorandum to the tax manager outlining the information you found in your research.
  •  Format the memo to include:
    • Restatement of Facts (paraphrase)
    • Identify at least three main issues based on these facts
    • Provide a conclusion for each issue
    • Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue. 
    • Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material. 
  • Submit the assignment using a Turnitin assignment dropbox.
    • Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content.  Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper.  Upon submission you will be able to see your score immediately, as others submit their papers your score may increase.  Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.  
    • I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office. 
    • I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

The writing assignment will be graded based on grammar, style of writing, logical development of ideas, critical thinking skills, and technical accuracy of the analysis and conclusions, using a rubric, which is found below. 

Assignments will be evaluated on:

  • Completion of assigned task (instructions)
  • Quality of content and research
  • Presentation of material
default image
July 1, 2023
    

 

The example uses a different case. Your submission should not be more than 7 pages long. 

Use the attached file to find the case you have been assigned.

 

Purpose:  The purpose of this is to enable you to meet the following goals:

  • Understand the role of a tax practitioner
  • Identify the tax issues involved in a scenario
  • Be able to conduct comprehensive tax research utilizing on-line tools in order to formulate a solution to the issues raised.
  • Be able to articulate and defend a tax position in writing.

Task:   In order to successfully complete this assignment you must:

  • Prepare a memorandum to the tax manager outlining the information you found in your research.
  •  Format the memo to include:
    • Restatement of Facts (paraphrase)
    • Identify at least three main issues based on these facts
    • Provide a conclusion for each issue
    • Include the analysis that led you to the conclusion for each issue. This analysis should refer to the primary authority that best addresses the issue. 
    • Primary authority would include items such as the Internal Revenue Code, Regulations, Court Cases, etc. These also should be paraphrased in order to highlight your understanding of the primary authority and how it relates specifically to the issue. Tax Topics and IRS publications are NOT primary source material. 
  • Submit the assignment using a Turnitin assignment dropbox.
    • Turnitin, is an online resource that checks your work against: the submissions of others, books, articles, tax code, etc., in order to verify originality of your content.  Given that everyone in the course is working on the same problem and using the same format, the service will likely find some similarity in your paper.  Upon submission you will be able to see your score immediately, as others submit their papers your score may increase.  Should you resubmit your paper, the originality score will not be viewable for 12-24 hours.  
    • I use the information supplied by TurnItIn as well as my professional judgment to determine the originality of your paper. A high similarity rating is an indication of either plagiarism or insufficient original content on your part. Plagiarism is a serious violation of the student's code of conduct and will be handled by the Student Affairs office. 
    • I will accept late assignments for no more than 48 hours after the due date, with a 20% penalty.

The writing assignment will be graded based on grammar, style of writing, logical development of ideas, critical thinking skills, and technical accuracy of the analysis and conclusions, using a rubric, which is found below. 

Assignments will be evaluated on:

  • Completion of assigned task (instructions)
  • Quality of content and research
  • Presentation of material
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