George Buys and Lives in a Newly Constructed Home He

question 95

Multiple Choice

George buys and lives in a newly constructed home he paid $200,000 for in 2015.He sells the house in 2016 for $225,000.How is GDP impacted?

• A) The 2016 sale increases 2016 GDP by $225,000 and does nothing to 2015 GDP.
• B) The 2016 sale increases 2016 GDP by $25,000 and does nothing to 2015 GDP.
• C) The 2016 sale does not increase 2016 GDP and does nothing to 2015 GDP.
• D) The 2016 sale increases 2016 GDP by $225,000,and 2015 GDP is revised upward by $25,000.

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Definitions:

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed, typically developed in infancy.

Searching

The act of looking for or seeking out information, objects, or locations, often through organized inquiry or exploration.

Piagetian Tasks

Tasks designed to assess children's cognitive development at different stages, according to Jean Piaget's theory.

Representational Competencies

The ability to use symbols or abstract elements to stand for objects and concepts, essential for language, math, and problem solving.