How much do each of the following contribute to GDP? a. Jones pays a repair shop $1,000

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How much do each of the following contribute to GDP?

a. Jones pays a repair shop $1,000 to rebuild the engine of her automobile.

b. Jones spends $200 on parts and pays a mechanic $400 to rebuild the engine of her automobile.

c. Jones spends $200 on parts and rebuilds the engine of her automobile herself.

d. Jones sells her four-year-old automobile for $5,000 and buys Smith’s two-year-old model for $10,000.

e. Jones sells her four-year-old automobile for $5,000 and buys a new car for $20,000.

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Macroeconomics Private And Public Choice

ISBN: 9780357134009

17th Edition

Authors: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

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Question Posted: Oct 06, 2023 05:09 AM

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How much do each of the following contribute to GDP? a. Jones pays a repair shop $1,000

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To determine how each of the following transactions contributes to GDP we need to consider the different components of GDP Consumption C This includes ...View the full answer

Macroeconomics Private And Public Choice

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