In: Economics
4. Consider each of the following activities separately, how much does it contribute to US GDP?
(a) Company X in the US bought steel from another US company, which costs $50,000. Company X used the steel to make cars, and sold them for $150,000 this year.
(b) Your kid mows the lawn for your neighbor, and your neighbor gives him $50 for his work.
(c) This year, you sold your house for $500,000, which was built 100 years ago. Your agent charges you $10,000 for the agent services.
(d) Your mom gave you $1,000 for your birthday. You put $500 in your savings account.