ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mark always changes his own oil. Is this effort counted in GDP?
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No-Black Market
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No-Non-market Activity
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No-Unreported Income
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No-Purely financial transaction
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Explanation:
Detailed explanation-1: -Not all productive activity is included in GDP. For example, unpaid work (such as that performed in the home or by volunteers) and black-market activities are not included because they are difficult to measure and value accurately.
Detailed explanation-2: -Expert Answer Goods and services produced at home are not included in the GDP.
Detailed explanation-3: -The four components of gross domestic product are personal consumption, business investment, government spending, and net exports.
Detailed explanation-4: -GNP includes everything in GDP but adds the net income earned by domestic residents from overseas investments and takes out the net income earned by foreign residents from domestic investments.
There is 1 question to complete.