(a) Is the value of the house built in 2006 and resold in 2017 included in...
(a) Is the value of the house built in 2006 and resold in 2017 included in the GDP of 2017? Briefly explain.
(b) Would the services of the real estate agent who helped sell (or buy) the house in 2017 be counted in GDP for 2017? Briefly explain.
Homework Answers
Answer
a)
GDP is a sum of economic final goods and services produced within a country and year.
The house is not a final good for 2017, it is produced in 2006 so it is added in the 2006 GDP and resold is not added in the GDP as it is not new production.
b)
the service is used in 2017 and it is paid as the transaction is economic so the service is counted int the GDP of 2017.
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