Statistics Canada Excludes from GDP the Value of Goods and Services

question 40

Multiple Choice

Statistics Canada excludes from GDP the value of goods and services exchanged "under the counter" because

• A)these goods are all intermediate goods.
• B)satisfactory methods for their measurement have not been developed.
• C)these goods do not contribute to well- being.
• D)Statistics Canada is responsible for making an ethical decision about which activities to exclude from national income measures.
• E)their production has zero opportunity cost.

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Definitions:

Collectively Exhaustive

A property of a set of events that ensures all possible outcomes are covered, leaving no possibility out.

Probability

A numerical measure of the likelihood of a specific event occurring, ranging from 0 to 1.

Mutually Exclusive

Mutually exclusive refers to events in probability and statistics that cannot occur at the same time, indicating that the occurrence of one event necessarily excludes the occurrence of the other.

Collectively Exhaustive

A set of events is collectively exhaustive if at least one of the events must occur.