Question

Professor Wilson ECON 10 Which of the following is included in the GDP_________? A. The federal...

Professor Wilson ECON 10

Which of the following is included in the GDP_________?

A. The federal government expenditure on welfare payments.

B. Neither of the two answers describe components of the GDP.

C. Households goods and services produced at home.

D. The two answers describe components of the GDP.

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Homework Answers

Answer #1

Answer;

Option B is the correct answer.

Gross Domestic Product (GDP)is the money value of final goods and services produced in a country during an year.

GDP= C+I+G+(X-M)

Where,

C= Consumption

I=investment

G=Government expenditure

X=Export

M= Import

The federal government expenditure on welfare payments are one type of trancefer payments .This is not included in GDP.

Households goods and services produce at home are not inclued in the GDP because, lack of reliable data influenced the decision to leave household production.

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