Until Recently, George Lived in a Home That Was Newly

question 30

Multiple Choice

Until recently, George lived in a home that was newly constructed in 2005. In 2005, he paid $200,000 for the brand new house. He sold the house in 2006 for $225,000. Which of the following statements is correct regarding the sale of the house?

• A) The 2006 sale increased 2006 GDP by $225,000 and had no effect on 2005 GDP.
• B) The 2006 sale increased 2006 GDP by $25,000 and had no effect on 2005 GDP.
• C) The 2006 sale increased 2006 GDP by $225,000; furthermore, the 2006 sale caused 2005 GDP to be revised upward by $25,000.
• D) The 2006 sale affected neither 2005 GDP nor 2006 GDP.

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Definitions:

Prejudice

Prejudice involves preconceived negative opinions or attitudes toward people based on their membership in particular groups, often leading to discrimination and social tension.

Point System

A method of evaluation or assessment based on allocating points for various criteria or accomplishments.

Immigration Decisions

The determinations made by governments or authorities about who is allowed to enter or stay in a country.

Canadian Society

Describes the social structure, culture, and norms of Canada, a country characterized by its diversity and multiculturalism.