same basket in the base year. The sellers listed their home with a broker for $190,000. Because every transaction has a buyer and a seller a) GDP is more closely associated with an economy's income than it is with an economy's expenditure. b. every transaction contributes equally to an economy’s income and to its expenditure. Every state has different customs or practices when it comes to real estate transactions. Why is this true? In a dual agency situation the agent assists in (almost) every aspect of the buyer’s side as well as the seller’s side. - Gross Domestic Product measures the expenditure on newly produced goods and services in the economy or the value of the total new goods and services produced in the economy. In this Doug is a seller of a service, and Karen is a buyer. Depending on the jurisdiction, this responsibility can override an "as is" clause contained within a purchase contract. Top Rated Sellers who offer 30-day-or-longer returns can deduct up to 50% from the refund for the lost value of the item that has been returned after it has been used or damaged. 2. Nearly all 50 states have laws requiring sellers to advise buyers of certain known, material defects in the property, typically by filling out a standard disclosure form before the sale is completed. Gross domestic product (GDP) measures an economy’s total expenditure on newly produced goods and services and the total income earned from the production of these goods and services. Harold Washington College, City Colleges of Chicago, Harold Washington College, City Colleges of Chicago • ECON 202, University of Wisconsin, Milwaukee • ECON 104, Metropolitan State University Of Denver • ECON MISC, University of Wollongong Dubai • ECON 101, ECON100 Ch 23 and 24 Questions and Solution.pdf, Problems - Problems - Applications (Ch 10).docx, University of Wollongong Dubai • ECON 100, University of California, Merced • ECON 001, University of Economics Ho Chi Minh City • BGS 54485. This problem has been solved! In Florida, in order to have a binding contract to purchase real estate, both the buyer and seller must sign a written agreement that includes the material terms of the deal (price, closing date, description of the property, financing, etc.). circular-flow dliagram. Equal Because Every Transaction Has A Buyer And A Seller. This preview shows page 1 - 3 out of 13 pages. When your selling activity has been dormant for a long time, it’ll also take time to rebuild a history of positive buyer-seller transactions. That contract controls the transaction and it spells out the parties’ obligation to one another and to getting the deal closed. If Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself, then GDP a. necessarily rises. GDP has been caused by increased production or higher prices. A common dispute is when a seller wrongfully refuses to transfer title to the buyer … You cannot determine if a rise in nominal. D. always equal because every transaction has a buyer and a seller. Once an accepted real estate purchase process and agreement get to the point of signed documentation, it is usually binding by law. 2. Always Equal Because Some People's Income Is Not For Production, Equal Only If There Is No Saving. I mention “almost” because the buyer may elect not to require a home inspection. Cancelling the Real Estate Deal. But it is not a perfect measure of well-being. Ordinarily, the seller would also be entitled to retain the earnest money. c. Introducing Textbook Solutions. 2. Get step-by-step explanations, verified by experts. An economy's income must equal its expenditure, because every transaction has a buyer and a seller. A: No. Net exports equal the value of goods and services produced, domestically and sold abroad (exports) minus the value of goods and services produced abroad and sold, Nominal GDP uses current prices to value the economy’s production of goods and services. Because every transaction has a buyer and a seller, every transaction contributes equally to an economy's income and to its expenditure. The platform has just finished its second year of trade, during which they have been redoubling every eight months. There are two ways to buy on eBay. 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