Question 853 gross domestic product, no explanation
Which form of production is included in the Gross Domestic Product (GDP) reported by the government statistics agency?
(a) Home-production such as Grandma looking after the babies for free.
(b) Production in the under-ground economy such as work paid for in cash to evade the tax authorities.
(c) Production in the wild, such as when two kangaroos make a baby in the bush.
(d) Goods produced and exchanged in the barter economy that are not reported to the tax authorities.
(e) Inventory build-up such as goods produced in a factory that were sold to a wholesaler but have not yet been sold to a retailer or consumer.
Copyright © 2014 Keith Woodward