In 2018, Pete Rich purchases a 1642 painting by Rembrandt for $20 million. He also pays a one percent commission to the auction house that sold the painting. What is the contribution of these transactions to GDP in the year 2018?
A) $0
B) $200,000
C) $2 million
D) $20.2 million
Correct Answer:
Verified
Q67: The market value of all domestically produced
Q68: Which of the following would increase the
Q69: Which of the following would increase the
Q70: The largest expenditure component of U.S. GDP
Q71: Consumption spending includes spending on:
A)durables, nondurables, and
Q73: Investment spending includes spending on:
A)consumer durable goods.
B)new
Q74: Investment spending includes spending on:
A)durables, nondurables, and
Q75: Consumption expenditures include spending by households on:
A)exports.
B)inventories.
C)residential
Q76: Total spending on final goods and services
Q77: Spending on new capital goods, new homes,
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