Question

Indicate whether each of the following is counted in the United States gross domestic product for the year 2006. Explain your answer.
a. The value of used textbooks sold through an online auction in 2006.
b. Rent paid in 2006 by residents in an apartment building in 2000.
c. Commission earned in 2006 by a stockbroker.
d. The value of automobiles produced in 2006 entirely in South Korea by a firm fully owned by United States citizens.

Answer 1

The value of used textbooks sold through an online auction in 2006 is the gross domestic product for that year.

Which of the following variables is used when computing GDP?

The calculation of a country's GDP takes into account both total private and public consumption, government spending, investments, increases in private inventories, paid-in building expenses, and the international balance of trade. (Imports are deducted from the total, while exports are added.)

What are the gross domestic product's four components?

The four primary parts of the gross domestic product are government spending, corporate investment, personal consumption, and net exports. 1 That tells what a country is best at producing. GDP is a measure of a country's annual total economic production.

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