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explain the effects on the product, income, and expenditure account. You are informed that you have won $3,000,000 in the New Jersey State Lottery,...
explain the effects on the product, income, and expenditure account.
1. You are informed that you have won $3,000,000 in the New Jersey State Lottery, to be paid to you, in total, immediately.
2. The New Jersey state government pays you an additional $5000 fee to appear in a TV commercial publicizing the state lottery.
3. Hertz Rent-a-Car replaces its rental fleet by buying $100,000,000 worth of new cars from General Motors. It sells its old fleet to a consortium of used-car dealers for $40,000,000. The consortium resells the used cars to the public for a total of $60,000,000.