Asked by David Tovar on Jun 14, 2024
Verified
Which of the following is reflected in the gross domestic product (GDP) ?
A) The value of leisure time
B) The value of illegal goods and services
C) The value of final goods produced by firms
D) The cost of depletion of natural resources
E) The value of house maintenance performed by homeowners
Gross Domestic Product
The total market value of all finished goods and services produced within a country in a specific time period.
Illegal Goods
Products or services that are prohibited by law from being produced, traded, or consumed.
Depletion of Natural Resources
The consumption of natural resources faster than they can be replenished, leading to a reduction in their availability over time.
- Recognize and elucidate the elements that are included or omitted in the Gross Domestic Product.
Verified Answer
ZK
Zybrea KnightJun 14, 2024
Final Answer :
C
Explanation :
GDP only reflects the value of final goods produced by firms within a country during a given period of time.
Answer: B, D, and E are not reflected in the GDP. It does not include the value of illegal goods and services, the cost of depletion of natural resources, or the value of non-market activities such as house maintenance performed by homeowners.
Answer: B, D, and E are not reflected in the GDP. It does not include the value of illegal goods and services, the cost of depletion of natural resources, or the value of non-market activities such as house maintenance performed by homeowners.
Learning Objectives
- Recognize and elucidate the elements that are included or omitted in the Gross Domestic Product.