The gross domestic product (GDP) of the United States is defined as the

Activities included (and not included) in the calculation of GDP.

Answer

The gross domestic product (GDP) of the United States is defined as the Market value of all final goods and services produced by resources within the United States in a given period of time.

Based on this definition, indicate which of the following transactions will be included in the GDP of the United States.

Scenario:

  • the Jones family buys an antique silver platter at an auction in upstate New York – INCLUDED
  • Awake Caffe, a U.S. company, produces a latte at its location in Minneapolis. It sells the latte to a customer immediately – INCLUDED.
  • Sofaland, a Swedish furniture company, produces a table at a plant in Virginia on December 12. It sells a table to a college student on December 24. – INCLUDED.

the gross domestic product (gdp) of the united states is defined as the

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