Define gross domestic product

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Reference no: EM131228212

(National Income Accounting) Define gross domestic product. Determine whether each of the following would be included in the 2004 U.S. gross domestic product:

a. Profits earned by Ford Motor Company in 2004 on automobile production in Ireland

b. Automobile parts manufactured in the United States in 2004 but not used until 2005

c. Social Security benefits paid by the U.S. government in 2004

d. Ground beef purchased and used by McDonald's in 2004

e. Ground beef purchased and consumed by a private U.S. household in 2004

f. Goods and services purchased in the United States in 2004 by a Canadian tourist

Reference no: EM131228212

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