Question 6 1 pts Which of the following would not be included in GDP O steel use

Question

Question 6 1 pts Which of the following would not be included in GDP O steel used to produce a car O cheese purchased to go on a pizza O a car bought by Hertz to use to rent out O all of them would not be included in GDP Question 7 1 pts Alex sells $20 worth of wool to Renee to make ski socks. Renee makes five pairs of socks, each of which has a market price of $20. Sherry buys two pairs, while the other remains on the shelf of Barnaby's store to be sold later. How much did GDP increase? O $20 O $40 O $100 O $120

Explanation / Answer

a) "A"

Steel used to produce the car will not be included in the GDP. Steel will be counted as an intermediate good which doesn't form part of the GDP.

b) GDP will increase by a total amount of $100. Inventory will be part of the GDP. The remaining three socks will be part of the inventory.

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