Explain Why the Value of GDP in 2012 Would or Would

question 20

Essay

Explain why the value of GDP in 2012 would or would not change as a result of each transaction described below: a. In 2012 , the Smith family purchases a new house that was built in 2012 .
b. In 2012 , the Jones family purchases a house that was built in 2001 .
c. In 2012 , a construction company purchases windows to put in the Smith family home that was built in 2012 .
d. In 2012, Mr. Jones paints all of the rooms of the Jones family house purchased in 2009 , using paint and supplies purchased in 2012 .
e. In 2012, Mr. Smith uses an online brokerage service to purchases shares of stock in a construction company.

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Definitions:

Binomial Random Variable

A type of random variable that results from an experiment consisting of a fixed number of independent trials, each with two possible outcomes (success or failure).

Hypergeometric Probability

The probability of a certain number of successes in draws, without replacement, from a finite population that contains exactly two kinds of objects.

Finite Population

A population set that contains a limited number of distinct units or elements.

Hypergeometric Probability

The probability of obtaining a specific number of successes in a finite population without replacement, ideal for modeling scenarios where the probability changes on each draw.