Which of the following transactions would be included in the official calculation of GDP? You...
Which of the following transactions would be included in the official calculation of GDP?
You buy a new iPod.
Firestone sells $2 million worth of tires to General Motors.
You illegally download music off the Internet to put on your new iPod.
A student buys a used textbook at the bookstore.
You wash and wax your father's car as a favor to him
Why is is the first answer?? Please explain.
Homework Answers
Answer
Option 1
GDP is a sum of final economic goods and services in the economy produced when a period.
The tires are not final good it is an intermediate good
An illegal download is not counted
A used textbook is not a final good
wash and wax service was not economic as there is no money involved
========
the new iPod is final good, the economic transaction as you paid for it so it is added in the GDP
(Note: the iPod must be included in it if it is produced in the year otherwise not)
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