For the following statements, identify whether it would be included or excluded in calculating GDP. If it is included, identify which component of GDP is involved. C - if the item is included in Consumption/Consumer Spending 1- if the item is included in Investment Spending G- if the item is included as Government Spending X - if the item is included as Exports M - if the item is included as Imports NC - if the item is Not Counted in the calculation of GDP. 1. Ron the plumber purchases a two-year old used truck for his business. 2. A family pays $75,000 for a house built three years ago. 3. You buy a new Toyota Tacoma truck that was made in Japan. 4. The sale of a Corvette at a Spanish Dealership.

For the following statements, identify whether it would be included or excluded in calculating GDP. If it is included, identify which component of GDP is involved. C - if the item is included in Consumption/Consumer Spending 1- if the item is included in Investment Spending G- if the item is included as Government Spending X - if the item is included as Exports M - if the item is included as Imports NC - if the item is Not Counted in the calculation of GDP. 1. Ron the plumber purchases a two-year old used truck for his business. 2. A family pays $75,000 for a house built three years ago. 3. You buy a new Toyota Tacoma truck that was made in Japan. 4. The sale of a Corvette at a Spanish Dealership.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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