Which of the following is included in the calculated gross domestic product? A)Mr.Kelly buys a used lawn mower from his neighbor Mr.Templeton. B)A local ice cream store sells $17,000 worth of cones and sundaes on July 4^th. C)Suzanne buys a love seat and chair for $85 at the yard sale on the corner. D)Farmer Fred sells his second tractor to his son.

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) measures the total value of goods and services produced within a country's borders in a given time period. Option B, where the local ice cream store sold $17,000 worth of cones and sundaes, represents a transaction that adds value to the economy and is included in GDP calculation. The other options involve transactions that do not add value to the economy, and therefore, are not included in the GDP calculation.

Which of the Following Is Included in the Calculated Gross