Measures of income, For each of the following items,

Measures of income

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For each of the following items, identify whether it is included or excluded in calculating this year's GDP. In each instance, briefly explain why. (Note: since you are not responsible in this course for "Measures of Income" section in Chapter 5, none of your answers should include this material.)

(a) An auto mechanic who fixes his own car at home

(b) Cash received from selling a corporate bond (excluding any broker commission, etc.)

(d) The pleasure that people obtain from working at jobs they like (e) A veteran's payment made to a retired military officer

Reference no: EM13893193

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