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Which of the following would be included in GDP? Tim sells his current house Government purchases...

Which of the following would be included in GDP?

Tim sells his current house

Government purchases new books for a school

Fred helps Barney's kids with homework in exchange for Barney driving the kids to school

Social security payment

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Answer #1

Government purchases new books for a school

Explanation: The four components of GDP are consumption, investment, government spending, and net export. When the government purchases new books for schools, it comes under government spending and it is included in GDP.

The resale of the house is not included in GDP. So, Tim's sale of his house is not included in GDP.

GDP does not include the value of goods or services which are not marketable. So, Fred and Barney's transaction is not included in GDP.

Social security payment is a transfer payment and transfer payment is not included in GDP.

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