"Consider two cars manufactured by Chevrolet in 2007. During 2007, Chevrolet sells one of the two cars to Sean for $24,000. Later in the same year, Sean sells the car to Kati for $19,000. The second automobile, with a market value of $30,000, is unsold at the end of 2007 and it remains in Chevrolet’s inventory. The transactions just described contribute how much to GDP for 2007?"

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heavenandholiness heavenandholiness · Answer 1 · 2020-03-30T07:45:39+02:00

Answer:

$54,000

Explanation:

If we Consider two cars manufactured by Chevrolet in 2007.

That would be output to be considered in Gross Domestic Product calculation, irrespective of whether they are sold or not.

Since the first one of the two cars had a value for $24,000.

and The second automobile, with a market value of $30,000,

The transactions just described contribute $54,000 (which is a summation of the total output of both cars) to GDP for 2007.