The Lee family won a $50 million jackpot and made several major purchases.Which of their purchases would be counted as investment when calculating GDP by the expenditure approach?
A) the villa they just built in the Swiss Alps for $2 million
B) the second-hand yacht they purchased for $1 million and expect to sell for a profit before year's end
C) the vintage Rolls Royce car they purchased in London for $500,000
D) the new house they built in Calgary for $200,000 to serve as living quarters for their ten new servants
Correct Answer:
Verified
Q3: Which of the following is NOT included
Q4: If GDP rises, what happens to income
Q5: Which of the following would be included
Q6: Which of the following actions would be
Q7: In a simple circular-flow diagram, how are
Q9: Which of the following would be included
Q10: Rhonda sells a house she has owned
Q11: How are intermediate goods accounted for when
Q12: Which of the following would NOT be
Q13: Which concept is the basis of the
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