Suppose That in 2011 You Paid $150,000 for a House

question 21

Multiple Choice

Suppose that in 2011 you paid $150,000 for a house that was built in 2005 and sold that year for $210,000.The amount this transaction would add to the GDP in 2011 is

• A) $0.
• B) $60,000.
• C) $210,000.
• D) -$60,000

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Definitions:

Conflict

A situation or process in which individuals or groups perceive a threat to their needs, interests, or concerns and may involve physical, emotional, or ideological opposition.

Life Story Approach

The Life Story Approach is a method in psychological research and therapy that emphasizes the importance of understanding an individual's personal narrative and experiences to comprehend their behavior and mental processes.

Self-concept

The individual's belief about themselves, including their attributes and who and what the self is.

Narrative

A spoken or written account of connected events; a story.