Which of the Following Would NOT Be Included in the GDP

question 110

Multiple Choice

Which of the following would NOT be included in the GDP accounts?

• A) the value of time spent learning how to prepare your personal income tax return
• B) the value of time spent by a mechanic changing the battery of a customer's car
• C) the payment to a certified nursing assistant for caring for an aged relative in her home
• D) the value of winnings from gambling that you report on your tax return

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Definitions:

Faithful Representation

A qualitative characteristic of financial information that ensures the information depicts the economic phenomenon it intends to represent, without error or bias.

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants.

Going Concern

The assumption that a company will continue in operation for the foreseeable future.