Answer Happy

1. Which of the following transactions are included in gross domestic product? By how much does each change GDP? a. b. C. d. 8192 e -- Smith pays a carpenter $15,000 to build a garage. Smith purchases $3,000 worth of materials and builds himself a garage, which is worth $15,000. Smith goes to the woods, cuts down a tree, and uses the wood to build himself a garage that is worth $15,000. The Jones family sells its old house to the Reynolds family for $100,000. The Joneses then buy a newly constructed house from a builder for $150,000. You purchase a used computer from a friend for $200. Your university purchases a new mainframe computer from IBM, paying $200,000. You win $1,000 in an Atlantic City Casino. You make $1,000 in the stock market. You sell a used economics textbook to your college bookstore for $25. You buy a new economics textbook from your college bookstore for $50.