The owner of an oil well in Texas sells 500 barrels of oil to a refinery in Mexico for $10,000. This transactionSelect one:O a. has no effect on Gross Domestic Product (GDP) because this is the sale of an intermediate product.O b. has no effect on Gross Domestic Product (GDP) because the refinery is in Mexico.O C. will increase Gross Domestic Product (GDP) by $10,000.d. decreases Gross Domestic Product (GDP) because oil reserves have fallen by 500 barrels.

The gross domestic product of an economy is the aggregate value of all final goods and services…

The owner of an oil well in Texas sells 500 barrels of oil to a refinery in Mexico for $10,000. This transaction Select one: a. has no effect on Gross Domestic Product (GDP) because this is the sale of an intermediate product. b. has no effect on Gross Domestic Product (GDP) because the refinery is in Mexico. C. will increase Gross Domestic Product (GDP) by $10,000. O d. decreases Gross Domestic Product (GDP) because oil reserves have fallen by 500 barrels.

The owner of an oil well in Texas sells 500 barrels of oil to a refinery in Mexico for $10,000. This transaction Select one: a. has no effect on Gross Domestic Product (GDP) because this is the sale of an intermediate product. b. has no effect on Gross Domestic Product (GDP) because the refinery is in Mexico. C. will increase Gross Domestic Product (GDP) by $10,000. O d. decreases Gross Domestic Product (GDP) because oil reserves have fallen by 500 barrels.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need some help explanations
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