The value of which of the following items is NOT included in GDP?
A) A haircut purchased at a barbershop
B) Piano lessons purchased by a parent for a child
C) A new textbook purchased by a university student
D) An old chair purchased at a yard sale

Question

Quizplus · Accepted Answer

The value of an old chair purchased at a yard sale is not included in GDP because GDP measures the value of new goods and services produced within a country in a given period. The chair, being a used good, does not contribute to the current production and is therefore not counted in GDP.

The Value of Which of the Following Items Is NOT