Final answer:
Norman's contributions to the GDP last year include the real estate and stockbroker services fees, and possibly the purchase of a new apartment, which counts as residential investment. Unemployment compensation and the sale of stocks do not contribute to GDP, nor does the sale of an existing house.
Step-by-step explanation:
The question is about the contribution of certain transactions to a country's Gross Domestic Product (GDP). GDP is a measure of the economic activity within a country, capturing the total value of goods and services produced over a specific period. When considering Norman's contributions to the GDP last year, we must focus on his consumption and investment activities that are part of the GDP calculation.
In Norman's case, his unemployment compensation does not contribute to GDP since it is a transfer payment and not payment for production of goods or services. The sale of his house does not contribute to GDP because it is not a new construction; only new residential investment is counted. However, the purchase of the brand new apartment would contribute to GDP, as it is likely counted as residential investment. The payments to the real estate agent and the stockbroker are services that would contribute to GDP. Lastly, his stock sale would not directly contribute to GDP, as it is a financial transaction and not the production of a good or service.
The example demonstrates that not all financial transactions contribute to GDP, it only includes economic activities that result in the production of goods and services. When comparing changes in nominal GDP over time, as mentioned in the additional reference text, adjustments for price changes must be made using the GDP deflator to derive the real GDP and accurately gauge economic growth.