In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor.Will this be counted in the GDP for 2015?
A)Yes
B)No
C)Yes, if sales tax is paid
D)No, because the purchase was from an individual not a dealer

Question

Quizplus · Accepted Answer

Used goods sales, such as Richard's purchase from his neighbor, are not included in GDP as they do not represent new production. Only final goods and services produced within a country's borders during the current year are included in the calculation of GDP.

In 2015, Richard Buys a 2003 Chevrolet Minivan from a Neighbor.Will