In 2013, Ozzie purchased a 2010 Ford Escort from his neighbor for his son, purchased a 2009 "one owner" Camry from Larchmont Toyota for his wife, bought a 2013 new Ford for himself, and sold his 2002 Dodge Caravan to his teenage nephew. Which, if any, of these transactions will be included in GDP in 2013?

Question

Quizplus · Accepted Answer

Only the purchase of the new Ford will be included in GDP as it is a new good produced in 2013. The purchase of the used Ford Escort and Camry are not included in GDP as they are simply transfers of existing goods. The sale of the Dodge Caravan is also not included in GDP as it does not represent a new production or transfer of goods.

In 2013, Ozzie Purchased a 2010 Ford Escort from His