Which of the Following Are Included and Which Are Excluded

question 19

Essay

Which of the following are included and which are excluded in calculating this year's GDP? Explain in each instance.(a) A monthly scholarship cheque received by an economics student.(b) The purchase of a new corncrib by a farmer.(c) The purchase of a used tractor by a farmer.(d) The cashing in of a savings bond.(e) The services of a mechanic in fixing the radiator in his own car.(f) Canada Pension Plan cheques received by a retired person.(g) An increase in business inventories.(h) Government purchase of missiles.(i) A barber's income.(j) Income received from interest on a corporate bond.(k) Cash received from selling a corporate bond.

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Definitions:

Arthritis

A group of painful and degenerative conditions marked by inflammation in the joints, leading to stiffness and pain.

Menopause

A natural biological process marking the end of a woman's reproductive years, characterized by the cessation of menstruation and changes in hormone levels.

Hot Flashes

Sudden waves of mild or intense body heat that can occur frequently and without warning, often associated with menopause.

Menstruation

Menstruation is the monthly physiological process in which the lining of the uterus is shed, leading to bleeding through the vagina, part of the female reproductive cycle.