In 2015, Richard Buys a 2003 Chevrolet Minivan from a Neighbor.Will

question 137

Multiple Choice

In 2015, Richard buys a 2003 Chevrolet minivan from a neighbor.Will this be counted in the GDP for 2015?

• A)Yes
• B)No
• C)Yes, if sales tax is paid
• D)No, because the purchase was from an individual not a dealer

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Definitions:

Trade Deficits

The economic condition that occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade.

Smoot-Hawley Tariff

A U.S. law enacted in 1930, which raised tariffs on over 20,000 imported goods to record levels, leading to a significant decrease in international trade.

Great Depression

A severe worldwide economic depression that took place mostly during the 1930s, starting in the United States following the stock market crash of 1929.

Revenue-Raising

Activities or policies implemented to increase the financial income of an organization or government.