The following transactions take place in 2000: 1. An elderly couple go to the movies and pay $80 for the tickets. 2. A family sells numerous knick-knacks at a garage sale for $55. 3. A young executive buys 100 shares of IBM for $6,000 4. A college student receives $400 from his parents. 5. A young couple down on their luck receive food stamps worth $150. 6. A plumber performs work for a neighbor and receives $75 in cash that he doesn't record in his company's records. 7. A physician operates on a friend's husband and charges $1,000 for the operation instead of her usual $3.000. 8. A teenager paints the porch on his parents' house. The paint cost $75. The cost of hiring a professional to do the job would have been $400. 9. A high school graduate works a summer job and makes $4,500. 10. The Federal Reserve Bank sells a bond for $1,000. The addition to gross domestic product is O A. $8,335. O B. $5,655. OC. $14,055. O D. $15,335.

The following transactions take place in 2000: 1. An elderly couple go to the movies and pay $80 for the tickets. 2. A family sells numerous knick-knacks at a garage sale for $55. 3. A young executive buys 100 shares of IBM for $6,000 4. A college student receives $400 from his parents. 5. A young couple down on their luck receive food stamps worth $150. 6. A plumber performs work for a neighbor and receives $75 in cash that he doesn't record in his company's records. 7. A physician operates on a friend's husband and charges $1,000 for the operation instead of her usual $3.000. 8. A teenager paints the porch on his parents' house. The paint cost $75. The cost of hiring a professional to do the job would have been $400. 9. A high school graduate works a summer job and makes $4,500. 10. The Federal Reserve Bank sells a bond for $1,000. The addition to gross domestic product is O A. $8,335. O B. $5,655. OC. $14,055. O D. $15,335.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 8PA

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