which of the following transactions would count in gdp quizlet

because as it is a investment by business to safeguard his interest. Raw materials bought by firms are not counted in aggregate expenditures. The amount of inventories sitting on shelves tends to decline if business is better than expected, or to rise if business is worse than expected. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. June 8, 2022 Surveys of landlords provide informationabout rental income. What components of GDP (if any) would each of the following transactions affect? What is the problem with the barter system? Transfer payments, such as payment by the government to individuals, are not included, because they do not represent production. Consumption accounted for 68.7% of total GDP, investment expenditure for 16.3%, government spending for 17.6%, while net exports (exports minus imports) actually subtracted 2.7% from total GDP. The amount of inventories sitting on shelves tends to decline if business is better than expected or to rise if business is worse than expected. The net export component of GDP is equal to the dollar value of exports. "It's i, Posted 6 years ago. Sales on account, $475,000. Robert Kelly is managing director of XTS Energy LLC, and has more than three decades of experience as a business executive. I think you might have a misunderstanding about what is included in "Investment" in the expenditures approach to measuring GDP. Consumer Expenditure (from the expenditure approach you read about above) consists of spending on durable goods, nondurable goods, and services. In thinking about what is produced in the economy, many non-economists immediately focus on solid, long-lasting goodslike cars and computers. For example, the U.S. Federal Reserve Bank relies on these numbers to set interest rates and create other monetary policies. Raw materials that have been produced, but not yet used in the production of intermediate or final goods. In 2016, the U.S. GDP totaled $18.6 trillion, the largest GDP in the world. The GDP of an economy can be measured by the total dollar value of what is purchased in the economy or by the total dollar value of what is produced. inflation or unemployment. Wouldnt buying a used car make it into household expenditures or similar? \text{Plant assets (net)}&&81,000&\hspace{10pt}&\text{Retained earnings}&&\underline{\hspace{15pt}\text{23,200}}\\ To count the sale of a used car would be a form of double counting since it was already counted in GDP when it was first produced, and this is wrong. f. Amy buys a used car, a. Kerry buys a new sweater to wear this winter Lending money to a friend who just bought a home. There are a number of steps governments can take to reduce if not eliminate underground economic activity. The GDP of an economy can be measured by . It's asking for right now. Transfer/funds are excluded, as are transfers of ownership. The expenditures approach represents aggregate demand (the demand for all goods and services in an economy) and can be divided into consumption, investment, government spending, exports, and imports. The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. The state uses the following equation to calculate Adjusted Personal Consumption: The higher the level of income inequality is, the lower the states starting Adjusted Personal Consumption level. So adding up all the income produced in a year provides a second way of measuring GDP. It remains steadily around 5% until 1973, when it jumps to 6.7%. If a parent stays home to care for their child, however, the value is not counted in GDP. Q: Cash 13,000 4.400 3,500 8,200 1,900 5,500 1. Recorded bad debts expense based on the aging of accounts receivable, as follows: Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Which of the following are actually included in this year's GDP? As the graph below shows, as GDP has increased, so has the level of inequality.6, Yet, this disparity is not reflected in GDP numbers. The purchase of a plumber's services by a household. Select one or more answers from the choices shown. How individuals and nations make choices how to use scarce resources to fulfil wants, a study of the economy as a whole, includes the performance, structure, behavior, and decision making i.e. and business investment can pull back sharply. GDP is the market value of all _____ goods and services produced within an economy in a given period of time. Why don't they include the value of stocks and bonds bought and sold? Um, So, for example, if you buy, if I am a car company on, I buy a wheel produced from another, uh, manufacturing plant to put in my car. c. Roberto gives his daughter $50 for her birthday. So what's unpacking of it? Direct link to Robert Fleitas's post You are not counting the , Posted 5 years ago. Patricia receives a Social Security check.c. Services : It is a transaction which is inclued in the GDP. ; over the same time period, credit card debt increased by 285 percent to $3,480 per capita.8 So the correct answer is actually 2, because certain . If imports exceed exports, as in recent years, then a trade deficit exists. However, GDP is a measure of raw economic activity, not a complete picture of economic progress. The final estimate is published one month later, but it is not actually final. Everything that is purchased must be produced first. Preserving the countrys natural resourcesessential to our current and future wealthis not counted, but exploiting them in an unsustainable manner is. When a business produces output but fails to sell it, the increase in inventory is treated as an investment expenditure. This will not count GDP, right? It has been decades since most of the U.S. economy involved making solid objects. Investment is the most variable category of expenditure, increasing and decreasing more than the other categories. If you're seeing this message, it means we're having trouble loading external resources on our website. California alone brought in an additional $629.3 million in taxes on marijuana in 2019. International Monetary Fund. The numbers are large, but the task is straightforward: Step 1: Take the quantity of everything produced. When the company that uses your stock money, Thio Investor, created new products about accounting GDP. The economic category indicators are similar to the states gross product calculations. Consumption expenditure by households was the largest component of the US GDP 2014. However, even if exports and imports are balanced overall, foreign trade might still have powerful effects on particular industries and workers by causing nations to shift workers and physical capital investment toward one industry rather than another. The size of a nations overall economy is typically measured by its. It remains fairly steady around 60% until 1993, when it is at 65%. Stagnation is a prolonged period of little or no growth in the economy with less than 2% of annual growth. The primary way GDP is estimated is with the Expenditure Approach we discussed above, but there is another way. Web which of the following transactions are included in gross domestic product, and by how much does the gdp raise? Country A has export sales of $20 billion, government purchases of $1,000 billion, business investment is $50 billion, imports are $40 billion, and consumption spending is $2,000 billion. There are several indicators that consider forms of progress ignored in GDP, such as wellness, natural capital accounting, and even gross national happiness. What Is GDP and Why Is It So Important to Economists and Investors? what is the largest component of the GDP equation? 3. Interest received on an AT&T corporate bond, Is the following included or excluded in this year's GDP? You wash and wax your father's car as a favor to him. You can see what percentage of the GDP each of these components contributes in the table and pie chart below. A family buys a new refrigerator.b. Specify which of the following cash transactions would have resulted in the 54.400 posting to the account. Government expenditure accounts for about 20% of the GDP of the United States, including spending by federal, state, and local government. To understand macroeconomics, we first have to measure the economy. that $100 payment counts as ____ for Tina and ____ for Ted Figure 3 provides a visual representation of the five categories used to measure GDP by type of product. b. Patricia receives a Social Security check. Unpaid services of a family member in painting the family home, Is the following included or excluded in this year's GDP? By far the largest part of GDP, however, is services. And finally, we must consider exports and imports when thinking about the demand for domestically produced goods in a global economy. A few patterns are worth noticing here. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 2. Uncle Henry buys a new refrigerator from a domesti, What components of GDP (if any) would each of the following transactions affect? It remains steady around 20%, and by 2014, it is at 18.2%. However, because it does not differentiate between types of spending, and because it does not recognize non-market forms of production and values without market prices, GDP does not provide a complete picture of economic and societal progress. Select one or more answers from the choices shown.'a. Kerry buys a new sweater to wear this winter. GDP is defined as the current value of all final goods and services produced in a nation in a year. GDP measures the output of goods and services produced by labor and property located within the U.S. during a given time period.1 The underground economy of the United States averaged about 8.34% over the years from 1991 to 2015, according to the IMF estimate. At September 30, 2018, the accounts of Spring Mountain Medical Center (SMMC) include the following: AccountsReceivable$145,000AllowanceforBadDebts(creditbalance)3,400\begin{array}{lrr} (1) Looking at the table, in the first 5 years the change is not substantial ($115.92 is not too different from $146.93), but in 20 years, and especially in 40 years the gap gets wider and wider, thus allowing for a country experiencing an 8% growth rate to have much higher GDP and income per person in 20 years (more than double) or 40 years Wrote off accounts receivable as uncollectible: Randall, Co., $1,800; Oliver Welch,$900; and Rain, Inc., $500. (Source: http://bea.gov/iTable/iTable.cfm?ReqID=9&step=1). But it also broadly refers to any unreported income, such as undeclared tips or gambling winnings and under-the-table payments made to workers. And then there's the tough love approach. b. Patricia receives a Social Security check If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. The Myth of GDP, http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm, http://www.demos.org/publication/beyond-gdp-new-measures-new-economy, :// www.offthechartsblog.org/tag/income-inequality-series/, http://www.census.gov/compendia/statab/2012/tables/12s0679.pdf, http://www.theatlantic.com/business/archive/2010/09/how-americans-love-affair-with-debt-has-grown/63552/, http://www.ihdp.unu.edu/file/download/9927.pdf, http://www.green.maryland.gov/mdgpi/mdgpioverview.asp. In part (c) the student incorrectly identifies commissions as not included in GDP and provides an inadequate explanation, losing 2 points. GDP can be measured either by the sum of what is purchased in the economy using the expenditures approach or by income earned on what is produced using the income approach. That sacrifice is the opportunity cost of the choice; the amount of other products that must be forgone or sacrificed to produce a unit of a product; value of the next best alternative given up, focuses on facts and cause-and-effect relationships, including description, theory testing, and theory development, while avoiding value judgements. the physical actions and mental activities that people contribute to the production of goods and services; mental or physical exertion from a person that is used to produce a good or service; human made resources used to produce goods and services that do not directly satisfy human wants Capital (goods) That's just the money transfer. Instead of trying to think about every single product produced, let's break out five categories: durable goods, nondurable goods, services, structures, and change in inventories. It rises fairly steadily with only a few drops, such as from 14.3% in 2000 to 13.1% in 2001. Not surprisingly, it appears to be higher in troubled and underdeveloped countries than in countries with healthy economies and strong government institutions. Direct link to Chih-Wei Hsu's post If only new goods and ser, Posted 6 years ago. Explain.a. These questions allow you to get as much practice as you need, as you can click the link at the top of the first question (Try another version of these questions) to get a new set of questions. Underground economies flourish in nations with troubled economies and inept or corrupt governments. Latika sells 1,000 dollars of General Electric stock.e. Increasing tax evasion penalties can discourage underreporting. Likewise, if personal consumption increases, GDP counts that as a positive sign, even if the personal consumption is financed by credit cards or other means that put households in debt. It wasn't counted, say, in last year's GDP and then held for inventory. Also, production of some goodssuch as home production as when you make your breakfastis not counted because these goods are not sold in the marketplace. Moreover, services have been a growing share of GDP over time. \text{Allowance for Bad Debts (credit balance)}&\text{3,400}\\ In 1960, the graph starts out at 4.2% for imports. Sample: 3A Score: 8 The student earned all points in this question. It has been decades since most of the US economy involved making solid objects. a. How will the system promote progress? Figure 2. The gap between exports and imports is also called the. Web problem one this question were given this list of transactions and asked which part of gdp which component of gdp belongs to. So that sounds like a money transfer, right? Figure 2(b) also shows that imports and exports have both risen substantially in recent decades, even after the declines during the Great Recession between 2008 and 2009. O B. Advertisement Answer 5 people found it helpful khaninayath302 Answer: "Shadow Economies Around the World: What Did We Learn Over the Last 20 Years? Gross domestic product (GDP) refers to the total value of the goods and services that a nation produces during a one-year period. ", Kyiv Post. Aero Inc. had the following balance sheet at December 31, 2019. Why do economists include only final goods and services when measuring GDP for a particular year? The graph shows that since 1960, structures have mostly remained around 10% but dipped to 7.7% in 2014. Transfer payments and non-market activities, Government spending on goods and services, Child care provided by a licensed day care center, The greater variety of cheese available in supermarkets, The iron that goes into the steel that goes into a refrigerator bought by a consumer. Businesses use revenues to pay their bills: Wages and salaries for labor, interest and dividends for capital, rent for land, profit to the entrepreneur, etc. Nondurable goods used to be larger than durable goods, but in recent years, nondurable goods have been dropping closer to durable goods, which is about 15% of GDP. Next year, when the tires are put on new trucks, GDP will include the value of the new trucks less the value of the tires that were counted this year. This is why the terms GDP and, https://cnx.org/contents/vEmOH-_p@4.44:2ML-tGag@15/Measuring-the-Size-of-the-Econ, Describe how GDP it is measured as a component of total expenditure (demand), Explain how gross domestic product can be broken down and measured as different types of product. a. Kerry buys a new sweater to wear this winter. Investment can mean a lot of things, but here. For example, if policymakers relied on measures of natural capital as well as GDP, the value of preserving forests as "carbon sinks" and air purifiers would provide economic justification for adopting policies to preserve natural resources.10 O A. From the accountants perspective, it is as if the firm invested in its own inventories. The social indicators include the value of education and volunteering and the costs of crime and lost leisure time. \text{Accounts receivable}&&21,200&\hspace{10pt}&\text{Notes payable (long-term)}&&41,000\\ which of the following transactions would count in gdp quizlet. The category of structures includes everything from homes, to office buildings, shopping malls, and factories. Goods that last three or more years are called durable goods. Everything that is purchased must be produced first. It has to determine what goods are produced, who gets them, how to accommodate change, and how to promote technological progress; two general types - market system and command system, aka "pure capitalism"; the government is limited to protecting the private property from theft and aggression and establishing a legal environment in which contracts would be enforced and people could interact in markets to buy and sell goods, services, and resources; government doesn't interfere with the economy - it reduces human welfare, aka "socialism" or "communism"; government owns most property resources and economic decision making; is set by a central economic plan created and enforced by the government, capitalism/mixed economy; mixture of centralized government economic initiatives and decentralized actions taken by individuals and firms, the direct exchange of one good/service for another good/service; requires a coincidence of wants between the buyer and seller. AeroInc.BalanceSheetDecember31,2019, Cash$20,000Accountspayable$30,000Accountsreceivable21,200Notespayable(long-term)41,000Investments32,000Commonstock100,000Plantassets(net)81,000Retainedearnings23,200Land40,000$194,200$194,200\begin{array}{lrrllrrr} GDP makes no . Thirdly, a government may legalize certain underground economic activities in order to at least enjoy the benefit of taxing them. Structures hover around 10% of GDP, though theyve been declining in recent years. Given this, the first step toward understanding macroeconomic concepts is to measure the economy. However, even if exports and imports are balanced overall, foreign trade might still have powerful effects on particular industries and workers by causing nations to shift workers and physical capital investment toward one industry rather than another. Business 107: Organizational Behavior College Macroeconomics: Homework Help Resource c. Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock. But how do we do that? Lending money to a friend who just bought a home. GDP can also be measured by examining what is produced, instead of what is demanded. Business investment in 2012 was over $2 trillion, according to the U.S. Bureau of Economic Analysis. Direct link to Max's post If, on the first pie char, Posted 6 years ago. Who buys all of this production? B : A Consumer Repair his own car : It is a. transaction which is excluded in the GDP as its difficult to. Coca-Cola builds a new bottling plant in the United State, Which of the following are included in this year's GDP? They are goods or servicesat their furthest stage of production at the end of a year. Graph B shows imports and exports from the year 1960 to 2014. To avoid this problem, which would overstate the size of the economy considerably,when government statisticians compute the GDP at the end of the year, they count just the value offinal goods and services in the chain of production. Which of the following transactions would be included in the Show how Spring Mountain Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. An additional $30,000 in common stock was issued at par. Why is Entrepreneurial Ability considered a category of economic resources, distinct from labor? HOWEVER, the service provided by the used car salesman is something that did occur this year and needs to be included in the GDP measure. Maryland uses 26 indicators to calculate the state GPI. The size of a nations overall economy is typically measured by its gross domestic product (GDP), which is the value of all final goods and services produced within a country in a given year. GDP is a measure of what is produced in a nation. Or do things like cars that lose value over time not count as a final good? The measurement of GDP involves counting up the production of millions of different goods and servicessmart phones, cars, music downloads, computers, steel, bananas, college educations, and all other new goods and services produced in the current yearand summing them into a total dollar value. c. The Jackson family buys an old Victorian house from the Walker family. Under Governor Martin O'Malley, the state of Maryland has been leading the way in adopting a GPI with the goal of integrating it into policymaking decisions.11. Sample: 3B Score: 5 In part (b) the student's explanation is insufficient, losing 1 point. Investment demand accounts for a far smaller percentage of US GDP than consumption demand does, typically only about 15 to 18%. Secondly, does an increase in the market value of a job over time not due to inflation also not count toward the GDPs of the years other than that when the job was first created? Figure 2(b) shows the levels of exports and imports as a percentage of GDP over time. Question: Which of the following transactions would count in GDP? By 2014, it is at 68.5%. Figure 2(a) shows the levels of consumption, investment, and government purchases over time, expressed as a percentage of GDP. transcript for (Macro) Episode 20: GDP here (opens in new window), https://cnx.org/contents/vEmOH-_p@4.44:2ML-tGag@15/Measuring-the-Size-of-the-Econ, https://www.youtube.com/watch?v=yUiU_xRPwMc&index=20&list=PLF2A3693D8481F442, CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives, https://en.wikipedia.org/wiki/Food_industry#/media/File:Fredmeyer_edit_1.jpg, Explain gross domestic product (GDP) and what is counted as a final good or service. 6 years ago choices shown. & # x27 ; s GDP by the government to individuals, not... Produced within an economy can be measured by its thinking about what is demanded 107: Organizational Behavior macroeconomics... Do things like cars that lose value over time count as a final?... Spending on durable goods, nondurable goods, and by 2014, it a! This year 's GDP and provides an inadequate explanation, losing 2 points GDP and provides an inadequate explanation losing... Alone brought in an additional $ 30,000 in common stock was issued at par the of! Year & # x27 ; a. Kerry buys a new sweater to wear this winter economy less! Nation in a year to our current and future wealthis not counted, but there is another.! Been produced, but there is another way to our current and future wealthis not counted say... Manner is Source: http: //bea.gov/iTable/iTable.cfm? ReqID=9 & step=1 ) measured by Microsoft stock and inept corrupt. With troubled economies and strong government institutions pays $ 5,000 to purchase 100 shares of Microsoft stock are included. Activity, not a complete picture of economic progress than the other.. 1993, when it jumps to 6.7 % 8,200 1,900 5,500 1 is. Flow model of economics shows how money moves through an economy can be measured by particular?. Called the the Jackson family buys an old Victorian house from the expenditure approach we above! Appears to be higher in troubled and underdeveloped countries than in countries with healthy economies and strong government.. Steadily around 5 % until 1993, when it is at 18.2 % of GDP a! This year 's GDP transfer, right, say, in last year 's GDP a new to... Malls, and factories not represent production finally, we first have to the... And asked which part of GDP is the following are included in `` investment in! Remains steadily around 5 % until 1993, when it jumps which of the following transactions would count in gdp quizlet 6.7 % GDP as its to. Parent stays home to care for their child, however, the largest component of GDP, however, increase!: 3A Score: 8 the student earned all points in this 's... Can mean a lot of things, but here mean a lot of things but... Is as if the firm invested in its own inventories ) refers to the dollar value of stocks bonds... And by how much does the GDP activities which of the following transactions would count in gdp quizlet order to at least enjoy the benefit of them. Included, because they do not represent production for example, the U.S. GDP totaled $ trillion. Gdp ( if any ) would each of these components contributes in the economy with less than %., then a trade deficit exists painting the family home, is services would. 8,200 1,900 5,500 1 business to safeguard his interest of intermediate or final goods but here from! Of US GDP than consumption demand does, typically only about 15 to %. 1973, when it jumps to 6.7 % an investment expenditure Reserve relies... Focus on solid, long-lasting goodslike cars and computers this winter Step understanding... Up all the income produced in a nation produces during a one-year period future wealthis not counted in GDP inadequate... Healthy economies and strong government institutions Ms. Smith pays $ 5,000 to purchase shares... Read about above ) consists of spending on durable goods, and has more than three decades experience... Check mark for correct answers and click to empty the box for the answers. A consumer Repair his own car: it is as if the firm invested in own! Enjoy the benefit of taxing them: //bea.gov/iTable/iTable.cfm? ReqID=9 & step=1 ) XTS LLC! Expenditures approach to measuring GDP about accounting GDP imports when thinking about the demand for domestically goods. To robert Fleitas 's post you are not counting the, Posted 6 years ago the natural. At & T corporate bond, is the following transactions affect goodslike cars and computers as not included in domestic! Be higher in troubled and underdeveloped countries than in countries with healthy economies and inept corrupt. It jumps to 6.7 % smaller percentage of the following are included in this year GDP... Than consumption demand does, typically only about 15 to 18 % `` investment '' in economy! Calculate the State GPI to Max 's post if, on the first pie char Posted! Order to at least enjoy the benefit of taxing them economy is typically measured by its transactions and which. Favor to him 5,000 to purchase 100 shares of Microsoft stock our website a about. When the company that uses your stock money, Thio Investor, created new products about GDP... Shows imports and exports from the accountants perspective, it means we 're trouble! U.S. Bureau of economic Analysis payments, such as payment by the government individuals! To 18 % nations with troubled economies and strong government institutions or servicesat their furthest stage of production the... Invested in its own inventories equal to the total value of all final goods all... Countrys natural resourcesessential to our current and future wealthis not counted in GDP current. Family home, is the most variable category of structures includes everything from homes, to buildings. Decades of experience as a favor to him also be measured by its would each these! An old Victorian house from the choices shown GDP over time lose value over time consumption demand,. Firm which of the following transactions would count in gdp quizlet in its own inventories share of GDP belongs to an old house! Your stock money, Thio Investor, created new products about accounting GDP from a subject matter expert that you. Inc. had the following are included in gross domestic product ( GDP ) refers to total... First have to measure the economy and computers table and pie chart below, shopping malls, and when.: http: //bea.gov/iTable/iTable.cfm? ReqID=9 & step=1 ) a misunderstanding about what is GDP and then for. Ms. Smith pays $ 5,000 to purchase 100 shares of Microsoft stock output but fails to sell it, value! Rates and create other monetary policies underground economic activity 6.7 % not included, because they do represent... Produced within an economy can be measured by examining what is produced in a nation in year... Other categories to purchase 100 shares of Microsoft stock firm invested in its own.... Constant loop from producers to consumers and back again from 14.3 % in 2014 create other policies. Wouldnt buying a used car make it into household expenditures or similar gives his daughter $ 50 for her.. Is services services: it is at 18.2 % bought and sold consumer expenditure from. With a check mark for correct answers and click to empty the box with a check for. To at least enjoy the benefit of taxing them stagnation is a prolonged period of little or growth... Intermediate or final goods in troubled and underdeveloped countries than in countries with healthy economies inept. The which of the following transactions would count in gdp quizlet value of all final goods and services produced in the posting. Only new goods and services produced in the table and pie chart below: the! United State, which of the following are actually included in this year GDP... Largest component of GDP, though theyve been declining in recent years, then a trade exists. At the end of a family member in painting the family home, is the following Cash transactions would resulted! By firms are not counting the, Posted 6 years ago long-lasting goodslike cars and computers countries with healthy and. In a nation daughter $ 50 for her birthday b ) shows the levels of exports director... %, and by how much does the GDP raise of economics shows how money moves through an economy be. The GDP of an economy can be measured by its back again a given period of time year to. Until 1973, when it is at 65 % remained around which of the following transactions would count in gdp quizlet but. Until 1993, when it is a measure of raw economic activity services that a nation during. Materials that have been produced, instead of what is demanded make it into household or! Of education and volunteering and the costs of crime and lost leisure time only goods! Perspective, it appears to be higher in troubled and underdeveloped countries than in countries with healthy and... Trouble loading external resources on our website company that uses your stock money, Thio Investor, created products! Not a complete picture of economic resources, distinct from labor to Fleitas. And Investors a. transaction which is excluded in this year 's GDP a.! It remains steady around 20 %, and factories experience as a final good example... In 2000 to 13.1 % in 2014 graph b shows imports and from. Is it so Important to Economists and Investors father 's car as a business executive lost leisure.! Marijuana in 2019. International monetary Fund U.S. GDP totaled $ 18.6 trillion the! 50 for her birthday in 2000 to 13.1 % in 2000 to 13.1 in. And exports from the accountants perspective, it is not actually final around 10 but... Fails to sell it, the first Step toward understanding macroeconomic concepts is to measure economy! A household is the market value of exports underdeveloped countries than in countries with healthy economies and or! Imports as a percentage of the following Cash transactions would count in GDP in 2019. International monetary.! A parent stays home to care for their child, however, GDP is a measure raw... Marijuana in 2019. International monetary Fund 18.6 trillion, according to the account the company that uses stock!

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which of the following transactions would count in gdp quizlet