Problem
1. Phil owns an old set of golf clubs that he purchased for $1,000 seven years ago. He decides to post them on Craigslist and quickly sells the clubs for $250. How does this sale affect GDP?
2. Real GDP for 2010 is less than nominal GDP for that year. But real GDP for 2000 is more than nominal GDP for that year. Why?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.