A car is built in the USA and sold to a dealership for $30,000.

The dealership sells the car for $36,000 to the Smith family.

The Smith family buys a second set of wheels equipped with snow tires for $4000 one month later.

The Smith family sells the car with all its accessories to the Jones family in the same year for $28,000.

Soon after the car is flooded during a Christmas storm and sold to a salvage yard for $500.

1. How much value does this car add to GDP?

2. How is adding up all the values wrong ($98,500)?

3. Had the snow wheels never been purchased, then the answer is?

4. If the storm flooded the car while it belonged to the Smiths, then the answer is?

5. The value of this car is added to Consumption, Investment, Gov. Purchases, eXports or iMports?

6. Give another example of an item in the same category as this car that no one else in the class has mentioned.