A real estate salesperson sells a house in 2011 that was built in 1994. How does this transaction get counted in the GDP statistics?
A) The price of the house and the real estate salesperson's commission are both included in 2011's GDP.
B) Neither the price of the house or the commission is included in 2011's GDP.
C) The real estate salesperson's commission but not the price of the house is included in 2011's GDP.
D) The price of the house would be included in both 1994's GDP and the GDP for 2011.
Correct Answer:
Verified
Q209: Your grandfather tells you that he earned
Q210: Explain the two approaches to calculating GDP.
Q211: The GDP deflator is designed to
A) adjust
Q212: Answer the following questions:
a.What is the difference
Q213: Answer the following questions:
a.In 2004, four major
Q215: Suppose that the nominal value of GDP
Q216: If you wanted to measure whether the
Q217: Last year your job at the university
Q218: What is the difference between real and
Q219: Discuss the problems with GDP as a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents