2. Calculate the total change in a year's U.S. GDP for each of the following scenarios. (Assume that all production takes place in the U.S., unless otherwise stated.)

a. A family sells a home, without using a broker, for $150,000. They could have rented it on the open market for $700 per month. They buy a 10-year old condominium for $200,000; the broker's fee on the transaction is 6 percent of the selling price. The condo's owner was formerly renting the unit at $500 per month.

b. General Electric uses $10 million worth of steel, glass, and plastic to produce its dishwashers. Wages and salaries in the dishwasher division are $40 million; the division's only other expense is $15 million in interest that it pays on its bonds. The division's revenue for the year is $75 million.

c. On March 31, you decide to stop throwing away $50 a month on convenience store nachos. You buy $200 worth of equipment, cornmeal, and cheese and make your own nachos for the rest of the year. (Include both of your decisions about nachos in determining the impact on GDP.)

d. You win $25,000 in your state's lottery. Ever the entrepreneur, you decide to open a Ping-Pong ball washing service, buying $15,000 worth of equipment from SpiffyBall Ltd. of Hong Kong and $10,000 from Ball-B-Kleen of Toledo, Ohio.

e. Tone-Deaf Artists, Inc., produces 100,000 new CDs that it prices at $15 apiece. Ten thousand CDs are sold abroad, but, alas, the rest remain unsold on warehouse shelves.