Which of the Following Is Included in Australia's GDP

question 66

Multiple Choice

Which of the following is included in Australia's GDP?
i. The rental value of homes owned by Australian citizens
ii. The production of Cotton On t-shirts by their suppliers in India
iii. Tickets sold by Bruno Mars for concerts held in Sydney

• A) i and iii
• B) i only
• C) i, ii and iii
• D) ii and iii
• E) ii only

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Definitions:

Product Costs

The costs incurred by a company to manufacture or acquire a product which include materials, labor, and overhead.

Direct Materials

Raw materials that are directly traceable to the production of a specific good or service.

Direct Labor

The wages and benefits for employees directly involved in the production of goods or services.

Plantwide Factory Overhead Rate

A single overhead absorption rate used across an entire manufacturing plant, calculated by dividing the total factory overhead by a predetermined base, such as total direct labor hours or machine hours.