Question

1. which of the following would be included in the GDP? a. entire value of a...

1. which of the following would be included in the GDP?
a. entire value of a used car your family purchased
b. the amount you recieved in your paycheck
c. weekly allowance your parents give you
d. the $50 you recieved for your birthda

2. true or false -- if you bake a cake from a cake mix and sell it for $8, you have added $8 to GDP
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Homework Answers

Answer #1

1. Ans - b. the amount you recieved in your paycheck

Explanation:

The paycheck is included in the GDP compensation of employees. While all other will not be included because:

a) entire value of the used car would be included in GDP ( in which year it is produced) not when the family purchased it.

c) weekly allowance is a unilateral transfer so will not include in GDP

d) $50 which we receive is also a unilateral transfer.

2.

Ans - False

It is false because you sell it for $8 but you buy it for some value which you paid to cake mix, so you only added to the GDP ($8 - paid to cakemix) not entire $8.

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