ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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are fully accounted for in GDP figures gathered by the ABS.
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are sometimes included in GDP accounting when the production figures are reported to the ABS by individuals.
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are important but are unaccounted for in the ABS’s estimate of GDP.
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are irrelevant because they constitute only a very small fraction of GDP for most countries.
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Detailed explanation-1: -Household Production Satellite Account Things like cooking, cleaning, watching the kids, and so forth? Such unpaid work is not included in BEA’s calculation of U.S. gross domestic product.
Detailed explanation-2: -Household production means the performance of production activity by the household for themselves only, not for the market for example work of housewives. Underground economy refers to the economic activities on the basis of illegal activity like betting, gambling.
Detailed explanation-3: -In developing countries, the informal sector has been estimated to account for about 36 percent of gross domestic product (GDP). In developed countries, it has been estimated to be about 13 percent of GDP. 1 (See table.)