7. Which of the following transactions will be included in GDP for the United States? For each, indicate (1) whether it is included in GDP or not (2) which, if any component(s) of GDP will change (indicate if it will increase or decrease), or (3) if not included in GDP, state why, and, if any components of GDP will change, indicate which, and if there would be an increase or decrease. (91) a. You buy a new economics textbook from your college bookstore. b. Your family buys a newly constructed house from a builder. c. Your grandmother receives a Social Security check. d. The U.S. Department of Defense buys 10 fighter jets from a U.S. company.

7. Which of the following transactions will be included in GDP for the United States? For each, indicate (1) whether it is included in GDP or not (2) which, if any component(s) of GDP will change (indicate if it will increase or decrease), or (3) if not included in GDP, state why, and, if any components of GDP will change, indicate which, and if there would be an increase or decrease. (91) a. You buy a new economics textbook from your college bookstore. b. Your family buys a newly constructed house from a builder. c. Your grandmother receives a Social Security check. d. The U.S. Department of Defense buys 10 fighter jets from a U.S. company.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter19: The Macroeconomic Perspective

Section: Chapter Questions

Problem 2SCQ: Which of the following are included in GDP, and which are not? The cost of hospital stays The rise...

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Which of the following are included in GDP, and which are not? The cost of hospital stays The rise in life expectancy over time Child care provided by a licensed day care center Child care provided by a grandmother A used car sale A new car sale The greater variety of cheese available in supermarkets The iron that goes into the steel that goes into a refrigerator bought by a consumer.
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