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:

Population's Statistical Distribution

A mathematical function that describes the likelihood of various outcomes in a population.

Population Size

The total number of individuals within a defined area or group for the purposes of study or measurement.

Population Behaviour

The collective actions, reactions, and interactions among individuals within a community or group.

Poisson Distributions

A statistical distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space if these events occur with a known constant rate and independently of the time since the last event.