A real estate salesperson sells a house in 2011 that was built in 1994 . How does this transaction get counted in the GDP statistics?
a. The price of the house and the real estate salesperson's commission are both included in 2011's GDP.
b. Neither the price of the house or the commission is included in 2011's GDP.
c. The real estate salesperson's commission but not the price of the house is included in 2011's GDP.
d. The price of the house would be included in both 1994's GDP and the GDP for 2011.
C
You might also like to view...
In words, the equation of exchange says that
A) the total amount spent on final output equals the amount received for final output. B) the amount of money in circulation equals the velocity of the price level. C) changes in the money supply will have no impact on the amount spent on final output. D) when velocity equals 1, nominal GDP equals the price level.
Suppose a tax on buyers has been imposed in the graph shown. Once the tax is in place, the sellers experience:
A. a decrease in supply.
B. an increase in supply.
C. a decrease in quantity supplied.
D. an increase in quantity supplied.
"My broker studies the stock market and the management of specific firms. When he advises me to buy, I listen because he is an expert." Analyze this view
If the MPS is 0.25 and the MPC is 0.6, then the MPM
A. is 0.85. B. is 0.35. C. is 0.15 D. cannot be determined from the given information.