Does my purchase of a Ford car that was manufactured in Windsor, Ontario in 2000 add...
- Does my purchase of a Ford car that was manufactured in Windsor, Ontario in 2000 add to the current Canadian GDP? Why? How about my purchase of a domestically produced, newly produced Ford? Why?
Homework Answers
No, it doesn't add to the current Canadian GDP, because GDP is calculated individually every financial year. The Ford car was already manufactured in 2000 and had already been added in the Canadian GDP of 2000.
The new domestically produced Ford will add to the current Canadian GDP.
GDP or the Gross Domestic Product is the the monetary value of all the goods and services produced within a country within a given year. So for e.g. the GDP of 2019 will include all the goods and services which has been produced within the country on the given year 2019. If the goods which are produced in 2019 are sold in 2020 then it will not add to the GDP of 2020. Because it will lead to a double counting, if counted both on 2019 and 2020.
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