In the Calculation of GDP, the Value of a New

question 14

Multiple Choice

In the calculation of GDP, the value of a new house constructed by a firm is included in:

• A) personal consumption expenditures.
• B) personal saving.
• C) the depreciation of capital.
• D) private investment.

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Definitions:

Tenancy by the Entireties

A form of joint property ownership available only to married couples, where both own the entire property and one cannot dispose of their share without the other's consent.

Tenancy in Common

A form of co-ownership where each owner possesses a specific fraction of the property and can transfer their share independently.

Joint Tenancy

A form of property ownership where two or more individuals hold equal ownership rights and where the survivor(s) inherit(s) the other's share automatically upon death.

Obligation

A legal or moral duty to do or not do something, typically enforceable through legal mechanisms.