Econ 111: Principles of Economics - Accelerated Treatment - Quiz 7
For each of the transactions below, state whether they count as part of American 2012 GDP or not. If they do, state which component of GDP they affect. If they don't, explain why not. Briefly explain your answer.
a) You just planted a new tree in your back yard and lots of tulip bulbs for next spring.
b) You buy a used car while you are in College.
c) You are studying abroad in Japan this year and you are teaching some English on the side for some extra money.
d) Your uncle won $1 million in the state lottery.
e) Unsold Ford Taurus from 2013.
f) You just paid your taxes to the government for 2013.