Which of the following is an example of a final good or service?Jet Fuel bought by Northwest Airlines to power its fleet of planes.O A brand-new economics textbook purchased by an SCU student.Beef bought by a restaurant owner from a wholesale food distributor.Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs. In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originallyproduced in the year 2000 and sold for $50,000 to the first owner who bought the car in 2000.The used car dealer bought the car in 2008 for $5,000 from the original owner. Then, the dealerwashed and waxed the car right before selling it to Lisa. Which of the following is counted towardsGDP in 2008?O The amount the dealer paid the previous owner for the car.O The value of the wash and wax right before selling the car.O The original market price of the car.O The total price paid by Lisa for the car.

(Only the first question has been solved). The final commodities are purchased by the economic…

Answered: Which of the following is an example of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Transcribed Image Text:Which of the following is an example of a final good or service? Jet Fuel bought by Northwest Airlines to power its fleet of planes. O A brand-new economics textbook purchased by an SCU student. Beef bought by a restaurant owner from a wholesale food distributor. Paint purchased by Ford, Inc. used to paint their new fleet of Mustangs.

In 2008, Lisa bought a used Cadillac from her local automobile dealer. The Cadillac was originally
produced in the year 2000 and sold for $50,000 to the first owner who bought the car in 2000.
The used car dealer bought the car in 2008 for $5,000 from the original owner. Then, the dealer
washed and waxed the car right before selling it to Lisa. Which of the following is counted towards
GDP in 2008?
O The amount the dealer paid the previous owner for the car.
O The value of the wash and wax right before selling the car.
O The original market price of the car.
O The total price paid by Lisa for the car.

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