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Which of the following transactions are included in gross domestic product, and by how much does each raise GDP?

a. Smith pays a carpenter $50,000 to build a garage.

b. Smith purchases $10,000 worth of materials and builds himself a garage, which is worth $50,000.

c. Smith goes to the woods, cuts down a tree, and uses the wood to build himself a garage that is worth $50,000.

d. The Jones family sells its old house to the Reynolds family for $400,000. The Joneses then buy a newly constructed house from a builder for $500,000.

e. You purchase a used computer from a friend for $200.

f. Your university purchases a new mainframe computer from IBM, paying $25,000.

g. You win $100 in an Atlantic City

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Which of the following transactions are included in gross domestic product, and by how much does each raise GDP?
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