Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q: which of the following would by itself* be counted as a in GDP for 2020? Explain answers. *Would not be included as part of

Q: which of the following would by itself* be counted as a in GDP for 2020? Explain answers. *Would not be included as part of another 2020 entry

  1. A steel company produces and sells $500 of steel to General Motors in 2020. The steel is then used in vehicles that are completed and sold in the same year.
  2. A steel company produces and sells $500 of steel to General Motors in 2020.The steel is not used that year but is later used in vehicles completed & sold in 2021.
  3. You are hired by the government in 202 as an outside worker (through a temp agency) to tighten bolts on door hinges at the White HOuse. You earn $500 for this
  4. You are hired as an employee of GM in 2020 to tighten bolts on car doors before they are shipped to dealerships. You earn $500 for 100 crs
  5. A tool manufacturer produces and sells a $500 bolt tightener to GM in 2020
  6. A collector hires an art dealer on commission to sell an old painting. The dealer sells the painting in 2020 for $5000; he earns 10% commission on the sale
  7. You receive a $500 unemployment check from the government in 2020
  8. You win a friendly $500 wager on the 2020 SUper Bowl outcome
  9. You rent out your condo in Wyoming for the market rate of $500 per month in 2020
  10. You live in your condo in Wyoming in 2020 instead of renting it out
  11. Your grandmother gives you $500 for helping her do house chores in 2020

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Marketing

Authors: Philip Cateora

16th Edition

0073529974, 9780073529974

More Books

Students also viewed these Economics questions