Which of the following is NOT included in real GDP? Group of answer choices production of goods that last less than a year, such as production of hot dogs production of services, such as the services of hair dressers production that takes place in the underground economy production of goods that last more than a year, such as a pair of roller blades

Question

Business

Lia Quinn

13 November, 00:53

Which of the following is NOT included in real GDP? Group of answer choices production of goods that last less than a year, such as production of hot dogs production of services, such as the services of hair dressers production that takes place in the underground economy production of goods that last more than a year, such as a pair of roller blades

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Answers (2)

Know the Answer?

Graham Jacobs · Answer 1

A) Production of goods that last less than a year, such as production of hot dogs production of services, such as the services of hair dressers.

C) Production of goods that last more than a year, such as a pair of roller blades.

Explanation:

A real Gross Domestic Product is an economic check on a country's total outputs which were already adjusted for the purpose of price changes. Real Gross Domestic Product is used when comparing the outputs of a country from different years. It makes it easier to compute or assess a country's financial strength as well as the comparison when it comes to the quality and value of goods and services. Gross Domestic Product on its own, is used to assess a country's productivity during a specific year or period.

Joanna · Answer 2

production that takes place in the underground economy

Explanation:

GDP (gross domestic product) is the value of all final good, products and services in a country economy. It is used to determine the economic success of a country and its growth rate. The GDP includes production of goods that last less than a year, production of services, production of goods that last more than a year.

Activities in the underground economy are not included in the GDP. The underground economy are money gotten from illegal activities like prostitution, selling of hard drugs, trafficking and so on. They account for one-third of developing country economy and about 10% of the developed country economy. Since they are not reported, they are not taxed.