Which of the following are included in this year’s GDP? Explain your answer in each case.

a. The services of a commercial painter in painting the family home.
b. An auto dealer’s sale of a new car to a nonbusiness customer.
c. The money received by Smith when she sells her biology textbook to a used-book buyer.
d. The publication and sale of a new economics textbook.
e. A $2 billion increase in business inventories.
f. Government purchases of newly produced aircraft.

a. The services of a commercial painter in painting the family home.

No, Not Included , As no monetary/payment transaction is involved for service provided.

b. An auto dealer’s sale of a new car to a non-business customer.

Included , As the sale of car has happened to the final consumer

c. The money received by Smith when she sells her biology textbook to a used-book buyer.

Not included , as nothing new is produced in the economy

d. The publication and sale of a new economics textbook.

Included , As new books are produced in the economy

e. A $2 billion increase in business inventories.  

Included, as this new inventory is produced during this year.

f. Government purchases of newly produced aircraft.

Included , As it's production took place this year and government is final consumer.

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