George buys and lives in a newly constructed home he paid $200 000 for in 2010. He sells the house in 2011 for $225 000. How is GDP impacted?
A) The 2011 sale increases 2011 GDP by $225 000 and does nothing to 2010 GDP.
B) The 2011 sale increases 2011 GDP by $25 000 and does nothing to 2010 GDP.
C) The 2011 sale does not increase 2011 GDP and does nothing to 2010 GDP.
D) The 2011 sale increases 2011 GDP by $225 000, and 2010 GDP is revised upward by $25 000.
Correct Answer:
Verified
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