Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.