Which of the following would be included when calculating Gross Domestic Product?
A) The purchase of a previously owned house for $70,000
B) The purchase of a used $10,000 automobile
C) A Social Security check for $800
D) none of the above

Question

Quizplus · Accepted Answer

Gross Domestic Product (GDP) only includes final goods and services that are newly produced within a country's borders during a specific time period. Purchasing a previously owned house or a used automobile does not meet this criteria. Social Security payments are transfer payments and do not result in the production of goods or services. Therefore, none of the options provided would be included in GDP calculations.

Which of the Following Would Be Included When Calculating Gross