In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originally produced in the year 2000 and sold for $50,000 to the first owner who bought the car in 2000. The used car dealer bought the car in 2008 for $5,000 from the original owner. Then, the dealer washed and waxed the car right before selling it to Lisa. Which of the following is counted towards GDP in 2008? Group of answer choices The amount the dealer paid the previous owner for the car. The value of the wash and wax right before selling the car. The original market price of the car. The total price paid by Lisa for the car.
In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originally produced in the year 2000 and sold for $50,000 to the first owner who bought the car in 2000. The used car dealer bought the car in 2008 for $5,000 from the original owner. Then, the dealer washed and waxed the car right before selling it to Lisa. Which of the following is counted towards GDP in 2008? Group of answer choices The amount the dealer paid the previous owner for the car. The value of the wash and wax right before selling the car. The original market price of the car. The total price paid by Lisa for the car.
Chapter5: Gross Domestic Product
Section: Chapter Questions
Problem 12SQP
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Question
In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originally produced in the year 2000 and sold for $50,000 to the first owner who bought the car in 2000. The used car dealer bought the car in 2008 for $5,000 from the original owner. Then, the dealer washed and waxed the car right before selling it to Lisa. Which of the following is counted towards GDP in 2008?
Group of answer choices
The amount the dealer paid the previous owner for the car.
The value of the wash and wax right before selling the car.
The original market price of the car.
The total price paid by Lisa for the car.
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