ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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YES
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NO
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Either A or B
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None of the above
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Detailed explanation-1: -Second-hand items are not taken into account while calculating GDP.
Detailed explanation-2: -The four components of gross domestic product are personal consumption, business investment, government spending, and net exports. 1 That tells you what a country is good at producing. GDP is the country’s total economic output for each year. It’s equivalent to what is being spent in that economy.
Detailed explanation-3: -The official measure of GDP does not include measurements of leisure time available, nonmarket production, production in the underground economy, the distribution of income, or production externalities (e.g., pollution).
Detailed explanation-4: -Intermediate goods that have been turned into final goods and services (e.g. tires on a new truck) Used goods. Transfer payments. Non-market activities. Illegal goods.