Tom Atoe Grows Tomatoes for Home Consumption

question 126

Multiple Choice

Tom Atoe grows tomatoes for home consumption.This activity is:

• A)excluded from GDP in order to avoid double counting.
• B)excluded from GDP because an intermediate good is involved.
• C)productive but is excluded from GDP because no market transaction occurs.
• D)included in GDP because it reflects production.

---

Definitions:

Escheat

A legal process where unclaimed or forfeited property reverts to the state if there are no claimants or heirs.

Probate

The legal process of administering the estate of a deceased person, resolving all claims, and distributing the deceased person's property under a will.

Testamentary Trust

A trust that is created according to the instructions in a person’s will to manage assets for beneficiaries after the person's death.

Charitable Trust

A trust created to benefit a particular charity or the public in general, typically for educational, religious, scientific, or other charitable purposes.