What key components of GDP would the following affect (if any)? How would a private loan to a family member affect GDP? Is this considered non-market activity? How would a onetime tax rebate from government affect GDP?
What key components of GDP would the following affect (if any)? How would a private loan to a family member affect GDP? Is this considered non-market activity? How would a onetime tax rebate from government affect GDP?
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 10SQ
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Good afternoon,
I am stuck on a couple homework questions regarding GDP. What key components of GDP would the following affect (if any)?
- How would a private loan to a family member affect GDP? Is this considered non-market activity?
- How would a onetime tax rebate from government affect GDP?
Thank you!
Expert Solution
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Step 1
Answer:
Introduction:
GDP (gross domestic product): GDP refers to the market value of all final goods and services produced within the domestic territory of a country during a period of one year.
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