Does this count in GDP?
Barney buys a 5 year old car from a person he found on Craig's list
a. Yes, it counts in GDP as it represents a transaction between two individuals.
b. No, it does not count in GDP as it is a second-hand transaction and does not contribute to the production of new goods and services.
c. No, it does not count in GDP as it is a private transaction and not included in the official measurement of an economy's total output.
d. Yes, it counts in GDP if the transaction is recorded and reported to the relevant authorities for tax purposes.