Joe Sells the House He Has Lived in for 10

question 61

Multiple Choice

Joe sells the house he has lived in for 10 years to the Smith family for $300,000.He receives $50,000 more than his original purchase price 10 years ago.Joe pays his real estate agent a 5 percent sales commission.This transaction will increase gross domestic product (GDP) by

• A) $0.
• B) $50,000.
• C) $15,000.
• D) $65,000.
• E) $300,000.

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Definitions:

Property

Legal rights over the use, control, and disposition of physical objects, land, or intellectual creations.

Ownership

The legal right to possess, use, control, and dispose of property, assets, or resources.

Seniority

The status obtained by an employee based on length of service or tenure, often affecting promotions, layoffs, and other job-related benefits.

Personal Property

Moveable property that is not fixed permanently to one location, such as furniture, vehicles, and electronic goods, as opposed to real estate.