Class Exercises 1. In 2014, Mr. Kim bought a used Hyundai Equus from his local automobile dealer. The Hyundai Equus was originally produced in the year 2010 and sold for $45,000 to the first owner who bought the car in 2010. The used car dealer bought the car in 2014 for $6000 from the original owner. Then, the dealer washed and waxed the car right before selling it to Mr. Kim. Which of the following is counted towards GDP in 2014? a. The total price paid by Mr. Kim for the car. b. The original market price of the car. c. The amount the dealer paid the previous owner for the car. d. The value of the wash and wax right before selling the car. 2. Which of the following would be counted in 2007's GDP? a. The value of a refrigerator manufactured in 2007 but not sold in 2007. b. The 2007 salary of a used motorcycle salesperson. c. The commissions earned by a real estate agent in 2007 in selling condominiums built in 1997. d. All of the above