Question

Which of the following items is included in GDP?
A. the sale of stocks and bonds.
B. All the above are included in GDP.
C. the sale of services such as those performed by a doctor.
D. the sale of used goods.

Answer 1

Answer:

B. All the above are included in GDP.

Explanation:

GDP is a measure of an economy’s total production and in most cases, it is used to determine how developed or how grown a certain economy is. To calculate the GDP, we take into consideration every form of production within the country. Factors such as consumption expenditure, private domestic investment, government spending, imports and exports are all determinants of GDP. Therefore, the sale of stocks and bonds, sale of services and the sale of used goods, collectively are included in calculation of GDP. Hence the correct answer is B.

Answer 2

The correct statement regarding the inclusion of items in the GDP(Gross Domestic Product) would be:

C). The sale of services such as those performed by a doctor.

• GDP is defined as the sum total of all the values of the final goods, as well as, services generated by a country within its national territory and in a stipulated period of time.
• It does not involve the cost(sale or purchase) of investments(stocks and bonds) because it is not associated with either the production or the service.
• The used goods has already been included previously and would not be included now as it will lead to double counting.

Thus, option C is the correct answer.

Learn more about "GDP" here:

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