What should be included when measuring GDP?

Question

Quizplus · Accepted Answer

GDP measures the monetary value of all final goods and services produced within a country's borders in a given period of time. This means only final goods and services should be included, as intermediate goods have already been used in the production process and would be double-counted if included in GDP. Transfer payments, whether public or private, are not included in GDP as they do not represent production or exchange of goods and services.

What Should Be Included When Measuring GDP