Question five For each of the following transactions, GDP. determine the contrib

Question

Question five For each of the following transactions, GDP. determine the contribution to the current year's a) On January 1, you buy 10 gallons of petrol at GHC 15 per gallon. The filling station purchased the petrol the previous week at wholesale price of GHC 12 per gallon. b) You purchased a locally manufactured AK 47 used in the 2nd world war during c) A homemaker enters the work force, taking a job that pays GHC 40,000 a year. d) You are informed that you have won a lottery worth GHC 3million to be paid n fo r GHC 2million. The brokerage fee was 6% of the sale value. an The homemaker now hires a nanny who is paid GHC 16,000 per year. to you immediately e) You are informed that you have won a lottery worth GHC 3million to be paid to you immediately. In addition, the GNL pays you GHC 5000 to appear in their promotional advert. ) Busy internet replaces all its stock of all computers with brand new locally manufactured computers from rlg worth GHC 100m. It sells its old computers for GHC 40million to rlg which resells them for GHC 60million after some minor repairs work on them.

Explanation / Answer

1. Purchase of 10 gallons of petrol at GHC15 per gallon because GDP includes consumption at current prices.

2. Brokerage fee of 6 % for sale value because it is an income for service provided.

3. Salaries earned by homemaker and nanny because income earned is part of GDP.

4. No contribution because lotteries are not included in GDP.

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