Which of the Following Examples of Production of Goods and Services

question 9

Multiple Choice

Which of the following examples of production of goods and services would be included in U.S. GDP?

• A)Samantha, a Canadian citizen, grows sweet corn in Minnesota and sells it to a grocery store in Canada.
• B)Ian, an American citizen, grows peaches for his family in the back yard of their Atlanta home.
• C)Leo, an American citizen, grows marijuana in his Seattle home and sells it to his friends and neighbors.
• D)None of the above examples of production would be included in U.S. GDP.

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Definitions:

Joint Venture

A business arrangement where two or more parties agree to pool their resources for accomplishing a specific task or project.

After Tax Profit

The net income a company earns after all taxes have been deducted from total revenue.

Miscellaneous Liabilities

A balance sheet item for obligations that do not fit into the standard categories of liabilities, often including various minor or irregular commitments.

Proportionately Adjusted Balance Sheet

A balance sheet method that adjusts the assets, liabilities, and equity based on a company's percentage ownership in other entities.