Which of the following would be included in GDP?
A)payment of the monthly telephone bill by Mr.Laconic
B)the purchase of corporate stock by Steven Jones
C)the purchase of a used limousine by Harold Abel
D)the value of a pair of mittens your mother knitted for you
E)the $300 George saved because he painted his own garage

Question

Quizplus · Accepted Answer

Payment of Mr. Laconic's monthly telephone bill is included in GDP as it is a final good/service produced and sold in the current year.

Answer: C
 The purchase of a used limousine by Harold Abel is included in GDP as it involves a market transaction of a good produced in the current year.

Answer: E
 The $300 saved by George by painting his own garage is not included in GDP as it is not a market transaction and does not involve the purchase of a final good or service.

Therefore, the choices included in GDP are A and C.

Which of the Following Would Be Included in GDP