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Economics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
Edition 15ISBN: 978-1285453538Economics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
Edition 15ISBN: 978-1285453538 Exercise 14
How much do each of the following contribute to GDP?
a. Jones pays a repair shop $1,000 to rebuild the engine of her automobile.
b. Jones spends $200 on parts and pays a mechanic $400 to rebuild the engine of her automobile.
c. Jones spends $200 on parts and rebuilds the engine of her automobile herself.
d. Jones sells her four-year-old automobile for $5,000 and buys Smith's two-year-old model for $10,000.
e. Jones sells her four-year-old automobile for $5,000 and buys a new car for $20,000.
a. Jones pays a repair shop $1,000 to rebuild the engine of her automobile.
b. Jones spends $200 on parts and pays a mechanic $400 to rebuild the engine of her automobile.
c. Jones spends $200 on parts and rebuilds the engine of her automobile herself.
d. Jones sells her four-year-old automobile for $5,000 and buys Smith's two-year-old model for $10,000.
e. Jones sells her four-year-old automobile for $5,000 and buys a new car for $20,000.
Explanation
Verified
Verified
(a) As Jones had paid the repair shop $1...
Economics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
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