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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Which of the following are included in the calculation of this year’s GDP? (a) 12-year-old Johnny mowing his family’s lawn; (b) Dave Malone buying a used car; (c) Barbara Wilson buying a bond issued by General Motors; (d) Ed Ferguson’s receipt of a Social Security payment; and (e) the illegal drug transaction at the corner of Elm and Fifth.

 (a)

To determine

Explain whether the family lawn is included in GDP or not.

Explanation

GDP (Gross Domestic Production) refers to the market value of all final goods and services produced in an eco...

 (b)

To determine

Explain whether the GDP includes the used car or not.

 (c)

To determine

Identify bond issued by General motors is included in GDP or not.

 (d)

To determine

Identify the receipt of a social security payment is included in GDP or not.

 (e)

To determine

Identify the illegal drug transaction is included in GDP or not.

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