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Consider the following transactions for the country of Econland: A consumer buys a new car for $30,000 that was manufactured in a different country. A local software company develops and sells a program to a foreign firm for $50,000. A resident purchases a locally-made bicycle for $500. Based only on these transactions, what is the total contribution to Econland's Gross Domestic Product (GDP)?
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Consider the following transactions for the country of Econland: A consumer buys a new car for $30,000 that was manufactured in a different country. A local software company develops and sells a program to a foreign firm for $50,000. A resident purchases a locally-made bicycle for $500. Based only on these transactions, what is the total contribution to Econland's Gross Domestic Product (GDP)?
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