Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manufacturer for $18,000 and sold it to Tyler for $22,000 . Later that year, Tyler sold the car to Camille for $17,000 . By how much did these transactions contribute to U.S. GDP for the year?
a. $18,000
b. $22,000
c. $39,000
d. $57,000
b
You might also like to view...
It is more likely for tacit collusion to occur in the ________ market compared to the ________ market.
A) dog food; electric car B) electric car; fast food C) fast food; electric car D) fast food; commercial airline
Unintended costs that are imposed upon third parties as a result of an economic activity are called
a. marginal costs b. direct costs c. negative externalities d. positive externalities e. positive costs
To the economist, total cost includes:
A. explicit and implicit costs. B. neither implicit nor explicit costs. C. implicit, but not explicit, costs. D. explicit, but not implicit, costs.
An entrepreneur is
A. a legal form of business. B. the rate of discount. C. the rate of return on capital. D. one who takes risks and makes innovations in organizing a firm.