Increase in Included in GDP $(Dollars) Scenario Edison pays a carpenter to build a deck for $48,000. Edison purchases $9,000 worth of building materials and builds a deck himself. The GDP? Y or N completed deck is valued at $48,000. Edison goes to the woods he owns, cuts down several trees, and uses the wood to build himself a deck valued at $48,000. The Klein family privately sells its house to the Reynolds family for $400,000 without any agent or attorney fees. The Klein sells its old house to the Reynold's family for $400,000. The Klein family then buys a a newly constructed house for $500,000. You win $2,500 at a casino in Italy. You purchase a used MacBook from a friend for $140. Your college or university updates its testing lab for $375,000. You earn $8,500 of profit in the stock market. You sell a used biology textbook for $60 to your college bookstore. You buy a new biology textbook for $180 from your college bookstore.

Increase in Included in GDP $(Dollars) Scenario Edison pays a carpenter to build a deck for $48,000. Edison purchases $9,000 worth of building materials and builds a deck himself. The GDP? Y or N completed deck is valued at $48,000. Edison goes to the woods he owns, cuts down several trees, and uses the wood to build himself a deck valued at $48,000. The Klein family privately sells its house to the Reynolds family for $400,000 without any agent or attorney fees. The Klein sells its old house to the Reynold's family for $400,000. The Klein family then buys a a newly constructed house for $500,000. You win $2,500 at a casino in Italy. You purchase a used MacBook from a friend for $140. Your college or university updates its testing lab for $375,000. You earn $8,500 of profit in the stock market. You sell a used biology textbook for $60 to your college bookstore. You buy a new biology textbook for $180 from your college bookstore.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Complete the table.

Increase in
Included in
GDP
Scenario
GDP? Y or N $(Dollars)
Edison pays a carpenter to build a deck for
$48,000.
Edison purchases $9,000 worth of building
materials and builds a deck himself. The
completed deck is valued at $48,000.
Edison goes to the woods he owns, cuts
down several trees, and uses the wood to
build himself a deck valued at $48,000.
The Klein family privately sells its house to
the Reynolds family for $400,000 without
any agent or attorney fees.
The Klein sells its old house to the Reynold's
family for $400,000. The Klein family then
buys a a newly constructed house for
$500,000.
You win $2,500 at a casino in Italy.
You purchase a used MacBook from a friend
for $140.
Your college or university updates its testing
lab for $375,000.
You earn $8,500 of profit in the stock
market.
You sell a used biology textbook for $60 to
your college bookstore.
You buy a new biology textbook for $180
from your college bookstore.

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