Which of the Following Is Included in the GDP

question 73

Multiple Choice

Which of the following is included in the GDP?

• A)the current services flowing from the housing stock
• B)the estimated value of drugs sold illegally
• C)the estimated value of leisure time
• D)transfer payments such as Social Security and veterans' benefits
• E)private purchases of used assets

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Definitions:

Government Tax

Required payments to the government, deducted from workers' salaries and company earnings, or applied to the prices of specific items, services, and activities.

Tax Revenue

Consists of the income that a government gains from taxation, which is used to fund public services and obligations.

Welfare

Government programs that supplement the incomes of the needy.

Price Buyers Pay

The amount of money that consumers are required to pay to acquire a good or service.