Tom is an organic gardener. For several years, he produced only for his own consumption. Last year, he sold his vegetables on Amazon directly to consumers. This year, he sold all of his vegetables to a company producing organic vegetable soup. When is the value of Tom’s vegetables included in GDP? Select one:a. None of his production is included in GDP, since it is considered home production. b. Only when he sells his vegetable on Amazon (BLS is able to see this transaction) c. When he sells his vegetables at the farmer's market and when he sells the vegetables to the organic soup company. d.Only when he sells his vegetables to the organic soup company.

GDP or Gross Domestic Product can be defined as the sum total of the market value of all final goods…

Answered: Tom is an organic gardener. For…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Tom is an organic gardener. For several years, he produced only for his own consumption. Last year, he sold his vegetables on Amazon directly to consumers. This year, he sold all of his vegetables to a company producing organic vegetable soup. When is the value of Tom’s vegetables included in GDP?

Select one:

None of his production is included in GDP, since it is considered home production.

Only when he sells his vegetable on Amazon (BLS is able to see this transaction)

When he sells his vegetables at the farmer's market and when he sells the vegetables to the organic soup company.

Only when he sells his vegetables to the organic soup company.

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