Question: I am confused on this? CHAPTER 4 Is This Counted In GDP? EXAMPLES Determine whether or not each situation below is counted in the United

I am confused on this?

I am confused on this? CHAPTER 4 Is This Counted In GDP?

CHAPTER 4 Is This Counted In GDP? EXAMPLES Determine whether or not each situation below is counted in the United States GDP for 21115. Write 'COUN TED' or 'NOT COUN TED'. If counted, write which component of GDP (notjust initial of component). If not counted, explain why it isn't counted. 1. The purchase of a new milking machine by a dairy farmer. 2. The ServiCes of a mechanic in fixing the radiator on his own car. 3. Social Security check received by a retired person. 4. Used car bought by a student. 5. Navy buys a Trident submarine. 6. Shingles used to build a new house. 7. Ford cars produced in Mexico. 3. You buy a 2015 car. 9. Production and sale of illegal drugs. 10. GM car produced in Detroit and shipped to Mexico to be sold. 11. Football scholarship received by a college football player. 12. Japanese cars produced in Detroit, Michigan

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!