If a senator trades his or her vote on an issue for a

$10,000 payment, would you consider this corruption? If a senator votes a certain way in “exchange”

for a $10,000 contribution to his political campaign, would you consider this corruption? Is there a major difference between the two? Discuss.

*1. Indicate how each of the following activities will affect this year’s GDP:

a. the sale of a used economics textbook to the college bookstore

b. Smith’s $500 doctor bill for setting her son’s broken arm

c. family lawn services provided by Smith’s 16-year-old child

d. lawn services purchased by Smith from the neighbor’s 16-year-old child who has a lawnmowing business

e. a $5,250 purchase of 100 shares of stock at $50 per share plus the sales commission of $250

f. a multibillion-dollar discovery of natural gas in Oklahoma g. a hurricane that causes $10 billion of damage in Florida h. $60,000 of income earned by an American college professor teaching in England