ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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non-market goods and services
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used goods
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environmental quality
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final goods and services
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Detailed explanation-1: -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-2: -All final goods and services that are sold for the first time are included in the GDP. To avoid double measurement errors, second-hand goods are not included in the GDP unless they are improved.
Detailed explanation-3: -When using the expenditures approach to calculating GDP the components are consumption, investment, government spending, exports, and imports.
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.