Tesla builds a new vehicle, and completes it in December 2015 . It sells the vehicle in January 2016 . The value of this vehicle affects U.S. GDP
a. for 2015 only, since it was completed in December of 2015.
b. for both 2015 and 2016
c. for 2016 only, when it is sold to the buyer.
d. for neither year if it is sold to a citizen of Canada.
b
Economics
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Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms. B. are fixed in the short run. C. have high reservation prices. D. cannot easily be duplicated.
Economics
Product % Change in Income % Change in Quantity Demanded W -1 -1 X +6 +3 Y -1 +1 Z +4 +8 Refer to the above table. Which product is a normal good but least responsive to a change in income?
A. Product W B. Product Z C. Product Y D. Product X
Economics