Which of the Following Is Counted in GDP

question 164

Multiple Choice

Which of the following is counted in GDP?

• A)the cost of the reconstruction and cleanup following September 11, 2001.
• B)the value of leisure time 
• C)the value of a househusband's work at home 
• D)the value of your do-it-yourself work

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Definitions:

Laissez-faire

An economic philosophy advocating minimal government intervention in the market and the economy, allowing businesses to operate with few regulatory constraints.

High Unemployment

This term refers to a situation where a significantly larger portion of the workforce is without jobs, indicating economic distress or a recession.

Monetarists

Economists who assert that the dynamism in the money supply significantly shapes short-term national economic performance and price levels over the long haul.

Real Output

The total goods and services produced by an economy, measured in constant prices to adjust for inflation, synonymous with real GDP.