Identify whether the following items are officially included in 2019 GDP or Not. Give specific reasons if they are not included in GDP. a.You purchased a home in 2019 that was built in 2015. b.Firestone sells $2 million worth of tires to General Motors. c. John makes chain-link belts and necklaces and sells them at a local flea market for cash to avoid paying taxes. d. The value of treasury notes sold by federal government in 2019.
Identify whether the following items are officially included in 2019 GDP or Not. Give specific reasons if they are not included in GDP. a.You purchased a home in 2019 that was built in 2015. b.Firestone sells $2 million worth of tires to General Motors. c. John makes chain-link belts and necklaces and sells them at a local flea market for cash to avoid paying taxes. d. The value of treasury notes sold by federal government in 2019.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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- Identify whether the following items are officially included in 2019 GDP or Not. Give specific reasons if they are not included in GDP.
a.You purchased a home in 2019 that was built in 2015.
b.Firestone sells $2 million worth of tires to General Motors.
c. John makes chain-link belts and necklaces and sells them at a local flea market for cash to avoid paying taxes.
d. The value of treasury notes sold by federal government in 2019.
e. The profit earned in 2019 from selling a stock that you purchased in 2010.
f. The value of a motor that is used in the production of a lawn mower in 2019.
g. The value of a motorcycle produced in the United States in 2019 and exported to Japan.
H. The value of a laser printer manufactured in 2019 but not sold in 2019.
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