Suppose you buy a new IClicker 2 from the Illinois bookstore for $29.99. Youre friend was...
Suppose you buy a new IClicker 2 from the Illinois bookstore for $29.99. Youre friend was lucky and found a used Iclicker 2 online for $10. Assume that iclickers are also produced in the US. How much does US gdp increase by? -19.99 -29.99 -39.99 -not enough information to tell
Homework Answers
Gross domestic product includes the market value of new final goods
and services produced with in the country.
Thus, only new final goods are counted in the GDP.
Second hand goods or used goods are not counted in GDP.
We have purchased the new ICliker 2 for $29.99 whereas our friend has purchased a used IClicker 2 for $10.
Since, our friend has purchased a used good, it will not be counted in GDP.
We have purchased the new good, therefore, it will be counted in the GDP.
Thus,
The US GDP will increase by $29.99
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