How to Calculate the GDP of a Country
investopedia.com
How to Calculate the GDP of a Country
There are two ways to calculate a nation's gross domestic product (GDP): by adding up all of the money spent or all of the money earned.
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What components of GDP (if any) would each of the following transactions affect? Explain. a. Uncle Fester buys a new refrigerator from a domestic manufacturer.b. Aunt Dolly hires a local contractor to build her a new house.c. The Huang family buys an old Victorian house from the Ellis family.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to the Martinez family.f. Ford manufactures a Focus and sells it to Avis, the car rental company.g. California hires workers
What components of GDP (if any) would each of the following transactions affect? Explain. a. Uncle Fester buys a new refrigerator from a domestic manufacturer.b. Aunt Dolly hires a local contractor to build her a new house.c. The Huang family buys an old Victorian house from the Ellis family.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to the Martinez family.f. Ford manufactures a Focus and sells it to Avis, the car rental company.g. California hires workers
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What components of GDP (if any) would each of the following transactions affect? Explain. a. Uncle Fester buys a new refrigerator from a domestic manufacturer.b. Aunt Dolly hires a local contractor to build her a new house.c. The Huang family buys an old Victorian house from the Ellis family.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to the Martinez family.f. Ford manufactures a Focus and sells it to Avis, the car rental company.g. California hires workers
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